Top of the Morning

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's friday, August 9, 2024. My name is Nelson John. Let's get started: Indian stock market benchmarks—the Nifty and Sensex—resumed their downward march on Thursday, falling by 0.73 per cent. The Reserve Bank of India kept the repo rate steady at 6.5 per cent for the ninth time in a row, pointing to a slower-than-expected drop in inflation. The decision aligns with the ongoing scrutiny of rising food prices, which greatly influence the consumer price index. Though some members advocated for a rate cut, the majority voted to maintain the current monetary stance. RBI Governor Shaktikanta Das said while India's economic growth appears robust and forex reserves have soared to $675 billion, achieving the 4% inflation target remains challenging. Persistently high food prices, especially in June when vegetable prices rose sharply, are a key concern. Shayan Ghosh reports on the central bank’s decision amid slow disinflation. Foreign airlines are increasingly tapping India's rich pool of aviation talent amid rising travel demand. Airlines such as Riyadh Air, Turkish Airlines and Saudia are conducting recruitment drives in India to hire cabin crew, particularly for flights with many Indian travellers. Mint’s aviation correspondent Anu Sharma spoke to senior executives and other industry insiders, who highlighted the strategic importance of the Indian market to global aviation. Remember Ramalinga Raju? The founder of Satyam Computers confessed to a 1.5 billion dollar accounting fraud in 2009. Now Brane Enterprises, a firm linked to his younger son Byrraju Rama Raju, is in hot water. The Hyderabad-based company recently to let go of more than 1,500 employees and hasn't paid salaries for the past three months. It is also behind on some of its financial obligations such as tax deductions and provident fund contributions. While management promised to clear dues by August 12, Mint’s Samiksha Goel reports that employees are skeptical because of previous broken promises. Challa Sreenivasulu Setty is gearing up to take the helm at State Bank of India, India's largest lender, for three years starting August 28. He steps into a complex financial landscape in which the bank confronts a noticeable disparity between robust loan growth and slower deposit accumulation, alongside rising delinquencies in unsecured loan products such as Xpress Credit. Despite these challenges, the bank's balance sheet remains strong. Shayan Ghosh reports that industry experts see potential in Setty's leadership to enhance strategic areas such as deposit market share, SME growth, and digital initiatives. Irfan Razack, chairman of real estate developer Prestige Group, has been methodically expanding the company’s footprint. Starting with Bengaluru, the group gradually entered other southern cities. Despite tempting offers from Mumbai, he kept his distance until a promising project at Pali Hill caught his eye. This marked Prestige's entry into Mumbai's real estate market, which now represents a significant portion of its sales. Razack's ambitions didn't stop there. He's now setting sights on Delhi-NCR, challenging established giants such as DLF and Godrej Properties. Mint’s Madhurima Nandy looks at what the future holds for the Prestige Group. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: RBI holds rates as disinflation remains slow Foreign carriers eye Indian talent for cabin crew Satyam hangover: The chaos inside a tech firm with family link to Ramalinga Raju New SBI chairman Setty has his task cut out Realty wars in NCR: Can Prestige Group eat Godrej’s lunch? Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, August 8, 2024. My name is Nelson John. Let's get started: After crashing for a few days, the Indian equity markets recovered on Wednesday. Sensex and Nifty were up by more than 1.1 percent. Ram Sahgal writes that much of yesterday's recovery could be attributed to a change in investor sentiment. The Bank of Japan's deputy governor soothed investors by saying that the sell-offs were temporary, and adopted a dovish stance. Markets in Japan crashed after the BOJ increased its interest rates by 25 bonus points, and its effects were felt in bourses all over the world — including India. However, market experts told Ram that any more conflicts arising in the Middle East could yet again lead to more selling of stocks. Bangladesh was born in 1971, after being carved out of Pakistan. It was a nation grappling with poverty and socio-economic challenges and several coup attempts. However, it achieved a remarkable feat in just about four decades when it emerged as the world’s second-largest garments exporter. Bangladesh capitalized on the availability of labour to produce garments at cheaper rates and became an exporting hub, with the sector making up about 85% of its total exports. As the country continues to combat domestic unrest, Payal Bhattacharya explains the country's economic progress and the reason why a stagnant economy led to the ouster of Sheikh Hasina. Tata Motors sells 80 percent of four wheeler electric vehicles sold in India today. But it's not resting on this laurel. Its latest model the Curvv is priced rather aggressively. Alisha Sachdev writes that such prices, combined with the reduced GST on EVs, has helped Tata corner such a large share. Alisha spoke to Sailesh Chandra, MD of Tata's passenger vehicles division. Chandra avoided calling this pricing as strategic, which is competitive with Tata's petrol and diesel versions. Tata hopes to buck the trend of slowing four wheeler sales with this launch — and its pricing will definitely help. If you were planning on becoming an investment advisor as a career option, you'd have to register with Sebi to pursue it. Becoming a registered investment advisor or a research analyst is a long process — or at least was, until Monday. Late on Tuesday evening, Sebi came out with a draft proposal that would ease the requirements for one to become an RIA or an RA. Neil Borate and Anil Poste break down these requirements, and tell you how this notice is a shot in the arm to India's beleaguered investment advisory landscape. Kota - was the mecca for any competitive exam aspirant. Millions of kids flocked to the coaching capital of India to try and become an engineer, doctor, or civil servant. But of late, the inflow of students has reduced greatly. A couple of years ago, nearly 200,000 students used to come to Kota. This year, coaching centres peg that the number has reduced to just around 70,000, writes Devina Sengupta. But it's not just teachers and coaching institutes that are suffering: an entire ecosystem that was built to support the large influx of students is now floundering as well. Devina presents an on-ground report from Kota about the current situation and a historical review of the town. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Bear retreat lifts market, but worries stay on Bangladesh’s economic rise and the new crisis, in charts Tata Motors aims to match its EV prices with rivals' conventional SUVs How Sebi’s reforms could transform India’s investment advisory landscape Why coaching capital Kota has failed its entrance test Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, August 7, 2024. My name is Nelson John. Let's get started: Indian stock market benchmarks—the Sensex and Nifty—extended their losses for the third straight session on Tuesday. The Sensex finally ended the day down 166 points, or 0.21 per cent, while the Nifty 50 closed 63 points or 0.26 per cent lower. India’s neighbour to the east is facing political turmoil. The recent regime change in Bangladesh is shaking up India’s trade and infrastructure plans. India shares its longest land border with Bangladesh, and with the economic stability of its neighbour wavering, the government needs to be watchful. This instability could push Bangladesh to reduce imports from India, potentially benefiting competitors such as Vietnam and China. Meanwhile, Indian textile companies saw their stocks soar, betting on a business boost as Bangladesh’s global textile reputation takes a hit. The fallout from these tensions includes a potential reshuffle in regional trade dynamics, as India could lose a top trading partner to political chaos. Mint’s Rhik Kundu, Dhirendra Kumar and Suneera Tandon explain how the political instability could affect a wide range of sectors, from textiles and technology to energy. The emergence of "de-influencers" – individuals who criticise products online – is reshaping brand perceptions and consumer choices. These ‘reverse influencers’ post negative reviews on social media, warning consumers about certain products and in turn hitting companies’ sales. As de-influencers gain traction, companies are increasingly wary of the impact on their reputation and sales. Regulatory bodies are stepping up to ensure that advertising claims are accurate and that negative reviews are fair. Mint’s Pratishtha Bagai and Suneera Tandon write about the rising phenomenon. The rural Indian job scene is still very much tied to agriculture, although that is changing. Rural youth are setting their sights on more stable, salaried jobs, though these are hard to come by. In a survey of 5,000 rural youth engaged in farming, a huge majority expressed a strong preference for salaried jobs over agriculture. The survey, conducted by the Development Intelligence Unit, Global Development Incubator, and Transforming Rural India, showed that many young people are turned off by the low returns and labour demands of agriculture. While many older rural women are choosing to run small businesses instead, the younger crowd – especially women – is more keen to snag government jobs. Mint’s Pragya Srivastava looks at the changing landscape of jobs in rural India through data. Click the link in show notes to see the charts and graphs prepared by Pragya and team. Imagine you work in the tech department of a big IT company and decide to make a little extra cash by trading stocks, only to end up with a one lakh rupee penalty for insider trading. That's the harsh reality of Sudhir Bapusaheb Devkar, an employee at Mindtree who dipped his toes into stock trading without realising the intricate rules around insider trading. This is a tricky area where not knowing the rules can cost you dear. In this piece, Mint Money’s Sashing Ningthoukhongjam explains why you should be extremely cautious before booking a profit on an insider trade. The looming US presidential elections have sparked a flurry of concern worldwide. Donald Trump, known for his assertive stance on trade, is back in the spotlight as the Republican nominee. His four years as president marked a significant shift in global trade dynamics, particularly with China, disrupting the existing multilateral trading system and sidelining the World Trade Organization. Now with the potential of Trump 2.0, the global community, including India, is bracing for more stringent tariffs and a renewed trade war with China, which could further complicate the already fragile global supply chain. Mint’s N Madhavan takes a deep dive into how a second term for self-acclaimed “tariff man” Trump could be full of surprises for global trade. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. As Bangladesh descends into chaos, India’s trade and security hang in balance Brands fretting as negative influencers rise, pushed toward credibility India’s jobs crisis: How dreams of rural youth outpace the labour market From profit to penalty: The perils of insider trading ‘Tariff man’ Trump can bring a bagful of surprises. Are you ready? Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, August 6, 2024. My name is Nelson John. Let's get started: Global currents affected the Indian stock markets too: Sensex and Nifty both were down by about 2.7 percent during yesterday's trading session. This was the steepest intra-day drop in nearly two months. Ram Sahgal writes that fears of an economic slowdown in the US and a huge equities crash in Japan prompted the massive sell-off. The worst may not be over yet: Ram also writes that foreign investors have turned bearish on Indian markets, and are betting that they will fall even further. India is a global economy — that means it is also prone to suffering from the headwinds of other economies, in the form of crashes like yesterday's. There's violent trouble with one of our neighbours: yesterday, Bangladesh's newly-elected Prime Minister Sheikh Hasina was forced to resign by protestors. Most of these protestors were students. She had been in power since 2008, and will be succeeded by an internal government controlled by the country's army. Elizabeth Roche explains the turmoil, its rich history, and why India should keep a close eye on this coup's ultimate result. According to new rules set by the markets regulator, any company in India that has sizeable debt on its books is liable to turn public. That put Tata Sons in hot soup: despite having 16 listed entities, the parent company often leveraged itself to balance out the books of its subsidiaries. After Sebi's ruling, Tata Sons quickly pared this debt down to avoid getting listed. Shayan Ghosh and Varun Sood report that it has now reduced its disclosed debt to just 5 crore rupees. Last year, it had nearly 19,000 crore rupees worth of borrowings. It used its crown jewel, TCS, to repay most of the debt, write Shayan and Varun. Have you noticed a growing trend of consultants among your peers? While their work remains the same, their designation changes. Mid to senior level employees who are switching roles enjoy a host of tax benefits via this method, writes Shipra Singh. When you earn as a consultant, your income gets categorised as a business revenue. This allows you to claim a lot of deductions. This strategy could help you save tax on more than half your income, tax experts told Shipra. Instead of paying tax at your slab rate, you instead pay a flat 6 percent GST on this income — helping you amass quite a bit of savings. Kunal Bahl is one of the most prolific people in India's burgeoning startup landscape. He is the co-founder of Snapdeal, an e-commerce app. At one point, Snapdeal hoped to topple Flipkart from its position as India's top online seller. That fight didn't turn out so well for Snapdeal and Bahl. However, some would argue that Bahl is a better investor than an executive. Bahl is also the main man behind Titan Capital, which boasts of returns greater than 100x from investments such as Urban Company, Mamaearth, and Ola Cabs. Another acquisition, Unicommerce, is set to IPO today — yet another huge return for the investment company. Mansi Verma and Priyamvada C write a detailed story on how Kunal Bahl became the titan of early-stage investing in India. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Markets reel under global pressure Mint Explainer: Why India needs to have a wary eye on Bangladesh coup Tata Sons goes debt-free as it seeks listing exemption Switch to consultant from employee and you can save tax on half your income Don’t do as I did: How Snapdeal's Bahl became the titan of early-stage investing Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, August 5, 2024. My name is Nelson John. Let's get started: Toor dal, a staple across India and a vital protein source for the nation’s millions of vegetarians, is facing a crisis. Unpredictable weather patterns—from droughts in Karnataka to heavy rains in Maharashtra—have severely impacted production. Compounding the issue, many farmers are shifting to more lucrative crops, such as rice and soybean, leading to a significant drop in toor cultivation. Considering that less than 10% of toor farms are irrigated, these crops are highly vulnerable to weather fluctuations. The surge in prices by 60% between 2022 and 2024, also underscores that while rice and wheat have managed to adapt to climate changes, toor hasn't. The situation has forced India to rely heavily on imports, with significant quantities now coming from distant countries such as Mozambique and Myanmar. This dependence has introduced risks, as was seen by recent events where traders from Mozambique held shipments hostage. Mint’s Sayantan Bera explores this pressing issue affecting Indian kitchens. Now, onto our next topic: In response to the NEET scandal and exam paper leaks, the Union government is set to increase undergraduate medical seats by 3,000 from the next academic year, bringing the total to 115,000. This move includes approving 28 new private medical colleges, significantly boosting India’s medical education capacity, as endorsed by the National Medical Commission. To ensure transparency and address past controversies, the process for adding seats and establishing new colleges will be closely monitored. Mint’s Priyanka Sharma reports that officials have implemented rigorous checks and physical inspections for all applications to prevent bias and fraud, aiming for a more secure admissions process. The third news highlight involves a survey of 15 economists and treasury heads conducted by Mint. It revealed that the Reserve Bank of India's Monetary Policy Committee is expected to maintain a status quo on policy rates at 6.5% at its meeting on August 8, despite speculation about rate cuts, particularly in light of recent global central bank actions. From what economists are predicting, it looks like the RBI isn’t ready to change gears just yet. All 15 experts consulted by Mint expect the MPC to maintain its current stance of "withdrawal of accommodation”. In a job market simmering with competition, a staggering 95% of employees are eyeing a job switch post-appraisals, according to the latest Mint+Shine study. The April-June Talent Insights Report, which surveyed 3,000 job seekers and employers, revealed that a lacklustre appraisal season has intensified the job search activity, with 78% finding the environment overly competitive. Approximately 89% of employees are demanding clearer performance metrics during appraisals, while 32% consider compensation as a key factor for their decision to stay. put. Two weeks ago, the tech world watched as Google's parent company, Alphabet, proposed buying cloud security startup Wiz for $23 billion. This bid would represent Alphabet's largest acquisition to date, surpassing its previous major purchases, including the $12.5 billion Motorola deal. Yet, despite the attractive offer, which valued Wiz at nearly double its recent valuation, the startup chose to walk away, leaving the deal unresolved. This decision was not solely about the money; it also highlighted deeper trends and tensions within the tech industry. Mint’s partners at HowIndiaLives.com present the big picture behind Google’s largest failed acquisition. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Brace yourself, climate crisis is coming for your sambar Post NEET controversy, Centre plans to increase undergrad medical seats by 3,000 RBI may keep rates unchanged next week, cut likely in December: Mint Poll Are you one of the 95%? Why most workers want a job change now The big picture behind Google's largest acquisition failure Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, August 2, 2024. My name is Nelson John. Let's get started: India’s benchmark equity indices ended at fresh highs on Thursday. The Nifty 50 closed above the historic 25,000-point mark for the first time, rising 60 points from previous close. The 30-share Sensex climbed 126.21 points to settle at a new lifetime high of 81,867.55. Ola Electric is set to debut on the stock market this Friday, with its valuation reduced to $4 billion, significantly lower than the initial target of $7 billion. This recalibration aligns Ola more closely with the global EV industry's valuation range, typically spanning 3 to 8 times annual sales. The adjustment reflects challenges posed by policy shifts and stiff competition from established players like Hero MotoCorp, underscoring the turbulent path Ola has faced due to fluctuating sales driven by changing government subsidies. Despite holding a 49% share of India’s electric two-wheeler market, Ola's financial standing is less robust compared to Hero, which benefits from healthier profit margins. The key question remains: will the lower valuation of Ola's IPO appeal to investors? Manish Joshi explores this in his Mark to Market piece. This month is super exciting for India's startup scene because Bhavish Aggarwal of Ola Electric, Supam Maheshwari of FirstCry, and Kunal Bahl of Unicommerce are about to make some serious waves by taking their companies public. This isn't just big news for these founders; it's a game-changer for everyone watching the space. Bhavish Aggarwal is all set to join the elite club of startup billionaires, much like Deepinder Goyal from Zomato and Falguni Nayar from Nykaa. Mint’s startups and new economy editor Ranjani Raghavan writes on how these listings illustrate the growing confidence in Indian startups. These IPOs are not just about cashing out; they're about setting a precedent for the market and instilling confidence in new entrepreneurs. If you are a Tata Play customer, this next bit is for you. The Tata-group DTH service, is pulling the plug on all Sony Pictures Networks India channels from nearly 10 million subscribers’ plans over the next ten days. The decision, which began with one million subscribers on Thursday, is based on low viewership figures, Tata Play's CEO, Harit Nagpal told Mint’s Gaurav Laghate. Despite the potential revenue loss, Nagpal justified the move as a cost-saving measure for subscribers, emphasizing that those interested in Sony channels can easily reactivate them. On the flip side, Sony criticized the action as "arbitrary" and potentially retaliatory, linked to disputes over audit rights and discrepancies in subscriber data management. India's innovative faceless tax assessment system, launched in 2020 to eliminate biases by concealing the identities of tax officials from the assessees, is encountering challenges. According to tax lawyers who spoke to Mint’s Neha Joshi, the system, designed to simplify and speed up tax processes, is proving to make communication more difficult and is resulting in an increase in court cases. Tax lawyers highlight that explaining complex tax issues through just audio communication without visual cues makes it tough for assessing officers to grasp the intricacies, leading to misunderstandings and more disputes being escalated to courts. Additionally, the random assignment of cases to officers, regardless of their expertise, is contributing to less efficient handling of complex cases. The recent landslide in Wayanad, Kerala, which claimed over 200 lives, is a stark reminder of the increasing frequency of such natural disasters in India. Positioned among the top four countries most prone to landslides, India's landscape faces significant risks. These mountains, still evolving from the tectonic pressures between the Indian and Eurasian plates, are vulnerable to the slow yet constant geological shifts that make them susceptible to both landslides and earthquakes. Mint’s Sumant Banerji explains why the country is at a higher risk of landslides, in today’s Mint Primer. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Will investors greet Ola IPO at lower valuation? Startup street mints new founder millionaires Tata Play starts to remove Sony channels from 10 million subscribers' plans Tax lawyers stare at robotic faceless assessments Mint Primer | Landslides: Why they are more frequent & lethal Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, August 1, 2024. My name is Nelson John. Let's get started: Slowing revenues and weak projections have prompted India's top IT companies to hit a pause on pay hikes. Tata Consultancy Services is the only company proceeding with salary increases, while HCL Tech, Wipro, Tech Mahindra, and LTI Mindtree have delayed their disbursements. Mint’s Jas Bardia notes that this delay in pay hikes could lead to more disgruntled employees, and comes at a time of falling headcounts at most tech companies. Ola wants its electric scooters division to be the new favourite of the stock market, debuting on Dalal Street today. With a price band of 72 to 76 rupees per share, the company is targeting a valuation of $4 billion. Mayur Bhalerao breaks down the IPO, helping you decide if investing in Ola Electric is a smart move. The Byju's saga has a new chapter: Riju Raveendran, the younger brother of the struggling edtech company's founder Byju Raveendran, has raised Rs 158 crore to pay the Board of Control for Cricket in India (BCCI), one of the company’s operational creditors. Once India’s most celebrated startup, Byju’s, which had signed on as a sponsor for the Indian cricket team, told the appeals court that it has paid 50 crore rupees to the BCCI, with the remaining payments to be made in two instalments. However, the company still owes its employees their salaries. Licious, a pioneer in the online meat ordering business in India, has realized it can't rely solely on its online presence. Mint’s Samiksha Goel reports that the company is now venturing into offline stores to compete with local meat sellers. The meat industry in India is valued at an estimated $31 billion, with online ordering accounting for just $500 million of that market. But offline stores are tricky, Samiksha notes. Previous players have faced significant overhead costs, leading to business closures. Will Licious turn out any different? There have been global calls for "de-dollarisation," urging a reduction in the world economy's reliance on the US dollar. India, naturally, is keen to see other countries trade using the rupee. The Union Budget included provisions to encourage the adoption of the rupee as a global currency. However, achieving this is not straightforward, writes Nandita Venkatesan. It requires transforming the Indian rupee into a "hard currency," meaning it must be seen as politically and economically stable. Nandita outlines the challenges and the measures the Indian government must take to reach this goal. She also includes informative charts to help better understand the situation. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Indian IT companies delay wage hikes again, irk employees Ola Electric’s IPO: charging ahead or running on empty? Riju Raveendran has raised ₹158 crore to repay BCCI, Byju’s tells appeals tribunal Why did Licious cross the road? India steps up push to make rupee a power player, but the road is long Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, July 31, 2024. My name is Nelson John. Let's get started: The Indian stock market's frontline indices, the Sensex and the Nifty, closed flat on Tuesday, July 30, reflecting mixed global cues. More than a year after the Hindenburg setback, Gautam Adani-led Adani group’s expansion is in full swing. The Ahmedabad-based conglomerate is considering acquiring Jaypee Group's real estate business for up to a billion dollars. Mint’s Anirudh Laskar reports that the planned deal could quadruple Adani's real estate footprint, solidifying its position in the bustling property markets of Noida and Gurgaon. This is part of a strategic offer Adani is preparing to pitch to the lenders in the massive insolvency saga of Jaiprakash Associates, which owes a staggering 50,000 crore rupees. For Jaypee’s real estate and cement businesses, the Adani group is willing to invest 15,000 crore rupees. This move could catapult Adani into the league of heavyweights like Godrej, Tata, and Mahindra in the realty sector. India is on the verge of potentially opening up its online gaming sector to full foreign direct investment, a move that could significantly benefit the industry. Mint’s tech correspondent Shouvik Das reports on the government’s plan to allow 100% FDI in online gaming, specifically targeting real-money games of skill while excluding gambling and betting activities. This initiative aims to simplify the process for Indian startups to attract foreign investments in this high-growth sector. Although there is currently no ban on FDI in online gaming, regulatory ambiguities have made it difficult for companies to secure banking and governmental clearances, deterring potential investors. As Ola Electric prepares for its IPO this Friday, with a price band set at 72-76 rupees per share, top executives and early investors are poised for significant financial gains. CEO Bhavish Aggarwal's stake is expected to be valued at nearly 10,000 crore rupees (approximately 1.18 billion dollars). Additionally, he plans to sell some of his shares, potentially earning around 240 crore rupees at the lower end of the price band. The total issue size of the IPO is estimated to exceed 6,100 crore rupees, including an offer for sale and new shares. Mint’s startup reporter Priyamvada C notes that prominent investors, such as Japan’s SoftBank Group, US hedge fund Tiger Global Management, and Matrix Partners India, are also set to benefit significantly. Bollywood siblings Zoya Akhtar and Farhan Akhtar could see their shares in the company valued at 1.3 and 2.5 crore rupees, respectively. Recently, there’s been a noticeable buzz around premium products in the FMCG sector, with more people willing to spend extra for quality items like hair serums, granola, and fabric conditioners. Mint’s Suneera Tandon cites a report from market research firm Kantar, indicating that premium categories have seen impressive growth—about 16% in volume and 24% in value from April 2022 to April 2024. That's quite a leap! What's driving this trend? It seems that categories once considered luxury, like sensitive toothpaste and anti-aging creams, are now attracting more buyers. For example, the number of households purchasing sensitive toothpaste jumped by 47%. And it's not just more households buying these products; people are actually spending more on them. The story of Henry G. Davis, a Wall Street magnate before World War II, offers a timeless lesson on the value of long-term investment and the intricacies of market timing. Despite turbulent periods, such as the mid-1930s stock market sell-off, Davis maintained a strong, fundamental investment philosophy. His key insight? Wealth often comes from holding stocks over the long term or capitalizing on opportunities during market downturns. Interestingly, today's investors face similar challenges, especially with evolving tax policies that can influence investment decisions and capital growth. The recent Union Budget adjustments, like the increase in long-term capital gains tax, have raised concerns about future tax hikes and their impact on investor returns and behaviours. Yet, the core principle remains: successful investing is less about reacting to immediate fiscal changes and more about strategic, long-term planning. In this Long Story by Mint’s Abhishek Mukherjee, you'll find a practical guide to rejig your portfolio in light of the recent budget. You can read all the featured stories by clicking at the links in show notes. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Adani draws mega realty plan, buy out Jaypee Group's biz for $1 billion Game, set, match: Free pass likely for foreig

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, July 30, 2024. My name is Nelson John. Let's get started: India’s benchmark equity indices rose on Monday, with the Nifty nearly reaching the 25,000 mark during the session before paring its gains and closing just one point above its previous close. Similarly, the Sensex experienced marginal gains, ending the day 0.3 percent higher than its Friday close. Current and former employees of Byju's, once India's most-celebarted startup, are scrambling to file claims for unpaid salaries and other dues. The deadline to submit these claims is 31 July. This rush follows the edtech company's admission of insolvency, triggered by a bankruptcy petition filed by the BCCI. Employees are seeking to recover their compensation amid ongoing legal battles by Byju’s founder, Byju Raveendran, who is challenging the insolvency order. As the legal drama unfolds with upcoming hearings, Mint’s Mansi Verma reports that many employees are banding together to file their claims more efficiently and affordably. However, some are still out of the loop, struggling with the process or being deterred by potential legal fees. Ever wondered why alcohol brands often advertise products like music CDs and glass tumblers? This is known as surrogate advertising. Since direct alcohol ads are legally prohibited, companies use these alternative products to promote their brand name. The consumer affairs ministry is now drafting new rules to ensure these surrogate products genuinely stand alone in the market, rather than serving as covert advertisements for alcohol. Mint’s Dhirendra Kumar reports that the ministry plans to require companies to prove that these products are actually sold in stores, with sales data made publicly available online. This initiative is part of the upcoming Consumer Protection Act 2029, which aims to clearly define acceptable advertising practices and prevent companies from using brand extensions to subtly market alcohol. Google, the titan of internet search, is now facing a wave of new challengers as AI reshapes the landscape. While Google's search engine has long been the default choice, the emergence of AI technologies like OpenAI’s SearchGPT suggests a potential shift. SearchGPT, similar to Microsoft's Bing which also uses OpenAI’s tech, enhances search capabilities with AI, making them more interactive and capable of retaining queries for smarter follow-up interactions. Google isn’t resting on its laurels; it's experimenting with its own AI-enhanced search technologies through projects like the Search Generative Experience and the expanded Gemini AI model. However, the advent of these new AI-driven platforms indicates that Google’s long-standing dominance could be under threat. Mint’s Shouvik Das, in today’s Primer, explores whether Google should be concerned about its position in a category it essentially pioneered. Ola Electric is gearing up for its public offering this Friday, with shares priced between 72 and 76 rupees. This values the company at $4 billion, down from the $5.4 billion valuation in its last private funding round. The company aims to raise 6,146 crore rupees, including 5,500 crore rupees through fresh equity and the remainder through an offer for sale by existing shareholders. In an interview with Mint’s Mansi Verma, Ranjani Raghavan, and Nehal Chaliawala, Bhavish Aggarwal, the company's founder, highlighted Ola Electric’s market leadership in India's electric two-wheeler segment, holding a 35 per cent share with nearly 330 thousand units sold in FY24. The company's revenue surged by 90 per cent to over 5,000 crore rupees in FY24, but losses also increased by 8 per cent, nearing 1,600 crore rupees. Launched in 2015, Bira quickly became a popular beer brand, taking the market by storm despite competition from established players like United Breweries' Kingfisher. However, the landscape has changed significantly. Bira's parent company, B9 Beverages, which also operates the Bira Taproom, has faced criticism for cancelling artists without providing necessary remunerations. Additionally, the company has been struggling financially. Mint’s Varuni Khosla and Sumant Banerji spoke with several vendors for this deep dive into the beer brand's financial challenges, revealing multiple reports of delayed payments. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Byju’s employees rush to file claims for their dues as deadline nears Cards, glasses & music CDs: Liquor firms may be staring at the end of surrogate ads The search for an engine: Should Google fret? IPO-bound Ola Electric slashes valuation to $4 billion In pubs and homes, Bira’s beers were the toast of one & a

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, July 29, 2024. My name is Nelson John. Let's get started: Some massive consolidation happened in the cements segment yesterday: UltraTech Cement is buying a 32.72% stake for nearly 4,000 crore rupees, and making an offer for 26% more, taking the deal to nearly 9,000 crore rupees. Anirudh Laskar reports that if things go as planned, UltraTech will own over 81% of India Cements. Meanwhile, Adani-owned Ambuja Cement is also increasing its production capacity to compete. The Reserve Bank of India reported that bad loans in banks are expected to decrease to 2.5 percent by FY25 under normal stress conditions. Shayan Ghosh writes that the report highlighted improvements in the banking sector's health, with a record low bad loan ratio of 2.8 percent last year. Public banks lead in bad loan ratio, but the overall situation is improving due to fewer new bad loans and increased write-offs. Personal loans are a concern, and the RBI is closely monitoring the situation. The 2024-25 budget introduces tax changes to benefit those involved in international transactions. It lowers the long-term capital gains tax for investing in foreign stocks and eases the process for remitting money overseas, among other provisions. Jash Kriplani writes that these changes aim to simplify tax calculations and make international investments more attractive for Indian investors. Softbank Investment Advisors, a Japanese tech-focused investment firm, is expecting significant returns from its investments in the Indian market as several of its portfolio companies prepare to go public this year. Sneha Shah and Ranjani Raghavan write that Ola Electric Mobility, Firstcry, and Unicommerce are among the companies planning to go public. Softbank's India portfolio has nearly peaked to 14 billion dollars, and the firm has made over 5.5 billion dollars in exits from its India portfolio. Softbank is anticipating a wave of tech IPOs in India, and its other potential IPO investments include Flipkart, OfBusiness, Lenskart, and Oyo. Artificial intelligence was tech's next big thing. Billions of dollars have been poured into it by every investor and big tech company. But where are the results? We were told that AI would change everything — but it's shown little utility so far. Research suggests that additional investments of 1 trillion dollars need to be made to make further advances in AI. Shelley Singh looks into the industry, and speaks to industry veterans who give their 2 cents on the future of everything AI. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. That’s all for today. Thank you for listening. We're eagerly looking forward to our next Top of the Morning episode, which will be packed with fresh business news. Until then, have a great day! Show notes: Ultratech to buy out India Cements as Birla sharpens battle against Adani Group RBI projects further moderation in bank NPA to 2.5% How the budget has eased the rules for international transactions Softbank eyes windfall as key portfolio companies line up IPOs It’s swallowed billions of dollars, but has AI lived up to the hype? Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, July 26, 2024. My name is Nelson John. Let's get started: Sensex was down by 0.14 percent, while Nifty dropped by 0.03 percent during trading hours yesterday. Nifty and Sensex aren't the only ones having a poor run. Their cousin in the US, Nasdaq, is having a bit of a meltdown too. Technology stocks, which were having a dream run over the past couple of years, have seen a massive sell-off this week. So far this week, Nasdaq is down nearly 3 and a half percent. Widespread fear of the artificial intelligence bubble bursting for these tech stocks has spooked investors, who have decided to sell en masse. Abhishek Mukherjee brings you the details of this sudden change, and what lies ahead for Nasdaq's tech stocks. Gold prices too are down around 7 percent since the Union Budget cut the import duty on gold. This move by Nirmala Sitharaman raised fear among investors because this directly affected the yields of sovereign gold bonds. But Ram Sahgal reports that despite this beating, investors in the gold bonds still stand to double their investments. As per the Reserve Bank of India, bonds bought in 2016 which are to be redeemed in August this year will give an annual compounded rate of 10.3 percent. In comparison, Nifty has compounded 13.8 percent over the same period. It's not all dull for gold bond investors, after all. Out with the dollar, in with the yen. Indian companies are increasingly open to taking on debt in Japan's national currency, as opposed to the standard US dollar. The yen has slid 18 percent against the rupee since the beginning of 2023. Nehal Chaliawala and Shayan Ghosh report that this makes it quite appealing for Indian corporates to take on debt — a sliding currency means that the borrower will have to pay less than anticipated. Companies like JSW Steel, Power Finance Corporation, and the Housing and Urban Development Corporation have taken yen-denominated debt worth about 11,000 crore rupees in the past 11 months. Even the Tamil Nadu government has borrowed a substantial amount in the Japanese currency, note Nehal and Shayan. Patanjali has a new segment it wants to conquer in the FMCG industry: toothpaste. After faring well in areas like ghee, biscuits, hair oil, and honey, the Baba Ramdev-led company wants to beat out the likes of Colgate, Nestle, and Unilever. We invited freelance journalist Devika Singh to take a deep dive into the company's latest pursuit. Patanjali has also done quite well in the ayurveda space, and now wants to replicate that success across the FMCG board. Devika writes about Patanjali's past, how it turned its focus into FMCGs, and what the road looks ahead after consecutive years of flat revenues. The Olympics start today! The celebrated sporting event starts in Paris today, and will continue for the next two and a half weeks. Every leap year, athletes look forward to qualifying and participating in this spectacle. However, every leap year, another discussion takes place: that India should host the Olympics. Siddharth Upasani writes that this isn't a very wise move. Hosting such an event costs about 8 billion dollars. While the organising committee is looking to make Olympics more sustainable and cost effective, at this stage, India isn't ready and doesn't need to host Olympics, Upasani writes. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: The Magnificent Seven: Has the AI bubble burst? Gold bondholders winners even after slash in duty Indian borrowers take fancy to Japanese debt A new Patanjali: The monk who sold toothpaste is at it again Why India shouldn't host the Olympics—a costly affair with no returns Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, July 25, 2024. My name is Nelson John. Let's get started: India’s benchmark indices Sensex and Nifty 50 continued their decline for the fourth straight session. Sensex dropped 0.35 per cent while Nifty fell 0.27 per cent. Finance Minister Nirmala Sitharaman faced new challenges as she prepared for her seventh consecutive budget amidst changing political dynamics. The recent electoral results have shifted the political landscape, impacting the government's approach and introducing the pressures of coalition politics. Despite these pressures, the budget focused on maintaining fiscal discipline and promoting capital expenditure-led growth, writes N Madhavan. This was evident in the government's commitment to reducing fiscal deficits and boosting public investment to stimulate economic activity, hoping to catalyze private sector investment. Employment remained a central theme, with the government introducing schemes to enhance education, skills, and job creation, reflecting a proactive approach to harness India's demographic potential. Capital expenditure was maintained at robust levels to ensure continued infrastructure development and encourage state-level spending, which is typically more immediate in its economic impact. Overall, the budget balanced prudent fiscal management with necessary spending on critical areas, aiming to sustain growth without compromising financial stability. This explainer by Mint’s senior editor N Madhavan is the only one you will need to understand the Union Budget of 2024. Click on the link in the show notes to read. The $250 billion IT services sector had a rough start in Q1 FY25, with mixed performances from big names like TCS, HCLTech, Infosys, Wipro, and LTIMindtree. Companies are still holding back on spending, and the much-anticipated boom from AI projects hasn’t quite hit yet. For instance, TCS saw a dip in its operating margins and overall contract values, while Infosys actually did better than expected, prompting it to boost its revenue outlook for FY25. Looking forward, there's a cautious optimism in the air. Global IT spending is expected to rise by 7.5% this year, but sectors like banking and financial services are keeping their wallets tight, which affects overall growth. The industry is hopeful for a stronger second half of the fiscal year as companies start loosening the purse strings and AI projects scale up. Mint’s Shelley Singh explains whether the IT sector will see a resurgence in the ongoing fiscal year or not in today’s Mint Primer. In its first budget after a modest election victory, the BJP-led government is putting job creation at the forefront with new financial incentives to boost formal-sector employment. Details are pending, but the gist is clear: financial perks for hiring and for new employees signing up. However, given the deep-seated issues in India's job market and employers' typical aversion to formalizing roles, it's uncertain how much these incentives will actually move the needle. With three new schemes, the government aims to formalize more jobs, but past patterns suggest a tough road ahead. Real change might need more than just incentives if the underlying issues of job security and employer reluctance aren't addressed. Our partners at howindialives.com take a comprehensive look at the job-creation schemes through charts and numbers and whether these schemes can deliver what they promise. Travelling from airports like Bengaluru, Kochi, or Ahmedabad? It might cost you more, even if your airline hasn't hiked its fares. This is due to increased airport charges, specifically the user development fees, which are passed from the airline to the airport operator and, ultimately, to travellers. Since the start of FY25, 16 major airports across India, including those in cities like Hyderabad, Mangalore, and Chennai, have increased the fee by 2 to 200 per cent, Mint’s aviation correspondent Anu Sharma reports. This rise in airport fees adds another layer to the already higher airfares this year, driven by a shortage of available aircraft and a spike in demand. The Centre is committed to maintaining its fiscal deficit below 4.5% of GDP for FY26, continuing its track record of exceeding fiscal projections. Speaking to Mint’s Rhik Kundu and Subhash Narayan, finance secretary T.V. Somanathan said this goal, announced during the budget on Tuesday, aligns with the fiscal consolidation path set by Finance Minister Nirmala Sitharaman. The government aims to cut down the deficit from the 9.1% peak during the pandemic. The capex plan of the Central government will remain at about 3.4% of GDP, consistent with levels from the interim budget, and it may see an absolute increase in FY26. Somanathan indicated that while the percentage of GDP allocated to capex will hold steady, the actual amounts could rise, reflecting the govern

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, July 24, 2024. My name is Nelson John. Let's get started: The Indian market's benchmark indices reacted poorly to the Union Budget yesterday. Sensex fell during the day, but recovered by the time markets closed. It was down by 0.1 percent. Nifty dropped by 0.12 percent. First things first — if you're looking for a quick primer to catch up on yesterday's announcements, we have you covered. Vivek Kaul lists out the Budget in 8 succinct points. Topics ranging from personal income tax to the stock market and even the added benefits to Bihar and Andhra Pradesh are covered. The Budget had some setbacks for investors: both short and longterm capital gains taxes were increased. In this new environment, how should you invest? Ram Sahgal spoke to market veterans, who said that the adverse reaction from the markets might not last too long. Some volatility in trading is expected in the next few trading sessions. However, investors must ride out this volatile period before chasing any dips, Ram writes. There were also changes to the income tax brackets. Aprajita Sh arma writes that these changes to the new tax regime will attract a maximum benefit of 17,500 rupees. She analyses both old and new tax regimes, and presents a study of which one you should choose. While anyone earning less than 7 lakh rupees should choose the new regime, higher income brackets have some decisions to make. Aprajita also speaks to a chartered accountant to get additional inputs on this crucial decision. The Union Budget had some raucous background noises every time the Finance Minister would talk about initiatives for the states of Bihar and Andhra Pradesh. Nitish Kumar and N. Chandrababu Naidu cashed in on being good allies of the NDA government. Dhirendra Kumar writes that Bihar will be receiving nearly 60,000 crore rupees worth of assistance from the central government, while Andhra Pradesh is set to receive 15,000 crore rupees. Dhirendra explains the various schemes that will benefit the two states over the coming year. This was a great budget if you were the founder of a startup or a large investor. The industry has received two big bonuses from this year's Budget: abolition of the angel tax, and reduction of long-term gains tax for unlisted securities. Ranjani Raghavan writes that this will boost domestic capital investment into the Indian startup ecosystem, at a time when funding for such companies has been stagnant. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Mint Primer | Eight points to note from the Union budget Let the dust settle on tax shocker, but MF investors can stick to SIP route How to choose between the old and new tax regimes The good allies: Bihar gets ₹47,400 cr for infra; AP ₹15,000 cr for capital Startups, investors buoyed by twin tax wins in “dream budget” Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, July 23, 2024. My name is Nelson John. Let's get started: Continuing their losing streak for a second consecutive session, Indian stock market benchmarks, the Nifty 50 and the Sensex, closed in the red on Monday, July 22, ahead of the Union Budget 2024. The Economic Survey - an annual document presenting the state of India’s economy - was tabled in Parliament on Monday, a day ahead of the Union Budget. The Survey serves as the government's most detailed analysis of the economy and plays a crucial role in shaping policy decisions. Today, let's take a look at the critical stories around the Survey, as the country prepares for the third Narendra Modi government’s first full budget. As we look ahead to the Union Budget for 2024-25, Mint’s N Madhavan looks at the insights the Survey might offer into what may be prioritised. The Survey cautiously pegs next year's economic growth at between 6.5% and 7%. To keep this momentum, it points to several key areas. These include enhancing job and skill development, supporting small and micro enterprises, maximizing agricultural outputs, managing environmental transitions, tackling inequality, and growing the corporate bond markets. Madhavan also explains what the Survey has to present on key economic indicators. The Economic Survey highlights a critical need for job creation in India, projecting a requirement to generate 7.8-8.1 million jobs annually up to 2036, which totals about 103 million new roles. The emphasis is not only on quantity but also on quality, as current data indicates only half of college graduates are directly employable. To address this, there has been an increase in youth receiving formal vocational education, although participation remains in the low single-digits. Informal training channels are compensating somewhat, contributing an additional 16.6% in trained youth. Read today’s Long Story by howindialives.com to understand the government’s recipe for growth in charts. You can click on the link in the show notes to see the charts prepared by our partners at howindialives.com. The Economic Survey 2023-24, delivered by Finance Minister Nirmala Sitharaman, emphasizes the pivotal role of the private sector in scaling up investments and spearheading job creation in an era increasingly shaped by technology and AI. The Survey critiques the private sector's investment patterns, noting a preference for real estate over sectors like machinery and intellectual property, which are crucial for transforming India into a manufacturing hub and creating quality jobs. Chief Economic Advisor V Anantha Nageswaran stresses that employment offers dignity and self-respect, urging corporates to prioritize job creation. Additionally, the Survey advocates a strategic embrace of Chinese FDI, suggesting that India can boost its export capabilities by integrating into Chinese supply chains, a strategy that has benefitted other Asian economies. This approach aligns with global trade shifts and could enhance India’s export performance, particularly to the United States. Mint’s senior editors Gireesh Chandra Prasad and Subhash Narayan write on the Economic Survey’s focus on private investment and job creation. Qatar’s sovereign wealth fund, the Qatar Investment Authority, which has been an investor in Bengaluru-based ed-tech startup Byju’s, has taken legal action in India, demanding that founder Byju Raveendran disclose his personal assets. Mint’s startup editor Ranjani Raghavan reports that the QIA has approached the Karnataka High Court to prevent Raveendran from selling or transferring his assets, aiming to secure up to $235.19 million. QIA has been deeply involved with Byju's, having invested in 2019 and 2022. It also provided a $250 million loan to Raveendran in March 2022. He used this loan to invest back into Byju's during its last funding round, which valued the company at $22 billion. Now, QIA is seeking a court injunction to freeze Raveendran's dealings with his assets, reflecting the serious financial stakes. The Indian government is actively preparing for a new phase of airport development under public-private partnerships. This aligns with its aim to enhance infrastructure in the rapidly growing aviation sector. Senior government officials told Mint’s aviation correspondent Anu Sharma that internal discussions are underway, with plans to open bids for several airports by the end of the financial year. This approach builds on the previous strategy of pairing major airports with smaller ones for balanced development. Currently, only 14 out of over 135 airports operate under public-private partnerships, indicating significant potential for future privatization and investment. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, July 22, 2024. My name is Nelson John. Let's get started: Last Friday, a global tech blackout hit airports, hospitals, banks, and more. As more systems rely on a few tech service providers, can we avoid future blackouts? Blackouts can recur due to human errors like faulty code or incorrect updates. Tech firms regularly push updates to fix issues, but unknown bugs can slip through. Cyberattackers exploit these bugs, making global blackouts a recurring risk. Complete insulation from blackouts isn’t possible, but resilience is. In today’s Primer, Mint’s tech correspondent Shouvik Das explains what happens during a cyberattack and how you can stay safe from one. A train accident in Uttar Pradesh’s Gonda district on Thursday afternoon - just five days before the Union budget - has left four passengers dead and over 30 injured. This accident was not the first in recent times. In fact, over the course of the last year, India has seen a string of major train accidents - the biggest one being the derailment of the Coromandel Express in Odisha’s Balasore district last June. So how is the government planning to ensure a safer Indian Railways for its passengers? The Railways budget allocation has risen from 0.3% of GDP in 2018-19 to 0.8% in 2024-25. However, much of the capital expenditure has gone towards new lines, track renewals, and rolling stock, with less than 20% allocated to safety. This neglect has coincided with several fatal accidents. Payal Bhattacharya from Mint’s data team explains why a big budget for the railways does not really guarantee safety. This summer, the country saw one of the harshest heatwaves in recent memory. Our cities are getting hotter day by day while rampant climate change disturbs weather cycles. To counter this, the government is planning to promote urban forests. A senior environment ministry official told Mint’s Puja Das that the plan is a part of Modi 3.0’s 100-day agenda.Under the Nagar Van Yojana (NVY) scheme launched in 2020, the ministry aims to boost urban biodiversity to mitigate pollution, provide cleaner air, reduce noise, and harvest water. Urban forests are also expected to address issues like the rising mosquito population and monkeys encroaching on cities due to dwindling green spaces. The story of COVID-related deaths is not over yet. A new study by researchers from several universities, including Oxford, pegs the number of “excess deaths” at 1.19 million. That’s almost 12 lakh lives we’re talking about. What are excess deaths? The term refers to the difference between the number of lives lost in an unusual period (like a pandemic year) and a normal year. Published in the Science Advances journal on 19 July, the study indicates that life expectancy at birth was 2.6 years lower and mortality 17% higher in 2020 compared to 2019. This data is based on a subsample of 14 states and Union Territories. The report has been rejected by the government for its methodology. So what was the methodology and what key insights does the report bring to the table? Mint’s data editor Tanay Sukumar explains. L&T Finance, a subsidiary of engineering group Larsen and Toubro, has been in the NBFC game for nearly three decades. But despite its long presence, the company remains lower down the order. Almost 94 per cent of its loan book is retail loans and stands at around 86,000 crore rupees. To put it in perspective, Mahindra Finance, which started three years before L&T Finance, in 1991, is well ahead with assets under management of ₹1 trillion at the end of the last fiscal year. Bajaj Finance, which started out in 1987 as Bajaj Auto Finance, an NBFC focusing on two- and three-wheeler finance, has eclipsed them both with an AUM of ₹3.3 trillion as of 2023-24. Sudipta Roy, a finance professional with over two decades of experience, has been brought in as the CEO. Roy would be expected to turn the company’s fortunes around. Mint’s Shayan Ghosh takes a deep dive into the company’s strategies around increasing regulations and integrating AI into its risk management. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, July 19, 2024. My name is Nelson John. Let's get started: The Indian market's benchmark indices —Nifty and Sensex—increased during Thursday's trading. Sensex and Nifty both were up by around 0.77 percent. IT giant Infosys was up 2.2 percent during yesterday's trading session. Investors expected a good earnings report, and Infosys delivered. The company's revenue for the first three months of FY2025 increased by 3.3 percent. Jas Bardia writes that Infosys is now pulling in more money than ever from the financial services sector. It made a total of 34 deals in the last three months, a record high. Infosys's earnings from India-based companies also grew. Jas notes that this is a pattern among Indian IT companies, as their clients in the west continue to tighten their budgets. A-S-K Asset and Wealth Management Group handles assets worth more than 80,000 crore rupees. So when such an entity comments on the market, you take notice. Bharat Shah, whole-time director of the group, doesn't think the market is overvalued. This is in contrast to a lot of other financial gurus, who get startled seeing the price-to-earnings ratio multiples. Speaking to Dipti Sharma, Shah said that today's market is ripe with opportunities, and that investors have never had a more diverse group of stocks to choose from. He feels that the classic notion that small and midcaps will eventually fizzle out is wrong, and that the Indian equity markets have matured enough to think long-term and move on from the boom-and-bust cycle. This week, Byju's faced a legal showdown with the Board of Control for Cricket in India over non-payment of dues. The National Company Law Tribunal has admitted BCCI’s insolvency petition against Byju’s, resulting in Byju Raveendran losing control of his company. Byju’s will now be overseen by a bankruptcy resolution professional until the legal matter is closed. Other edtech companies, like Unacademy and Vedantu are struggling too. Is this the end of edtechs as we know them? Mansi Verma answers. The Union Budget will be unveiled on Tuesday. Employment and jobs will be key focus areas for the government. Political experts pointed out that rising unemployment was one of the reasons that the BJP government could not secure a majority on its own in the Lok Sabha election. Our partners at howindialives.com examine a report by the Reserve Bank of India on the jobs situation in India. The controversial report has a lot of loopholes, which are fact-checked. RBI said that 46 million additional jobs were created between 2022 and 2024, which is a tall claim. Such optimistic interpretations of data might not serve the on-ground reality too well. There's been a sudden boom in equity trading. But that isn't restricted to just stocks and mutual funds: investors are now dabbling in futures and options too. Different types of investments result in different kinds of tax compliance. Ahead of the ITR filing deadline of July 31, Shipra Singh writes about how you need to report different kinds of investments to the taxman. Stocks trading, intra-day trading, and futures and options all have different regulations. Make sure to read this piece if you follow any of these trading methods. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Infosys regains its stripes, outpaces peers on the back of financial services, India businesses Why Bharat Shah thinks the weariness around midcaps and smallcaps is outdated Byju’s bankrupt: Is the edtech crisis deepening? Finding jobs: What surveys tell us about India’s biggest puzzle F&O, intraday and delivery trading: How different types of trading are reported Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, July 18, 2024. My name is Nelson John. Let's get started: The Indian stock markets BSE and NSE remained closed on Wednesday on the account of Muharram. The upcoming Union budget on 23 July is set to unveil a new initiative aimed at boosting the domestic production of medical devices, mirroring an existing program for pharmaceuticals. This move is intended to enhance self-sufficiency in medical equipment, potentially lowering healthcare costs. While the specifics of the financial backing remain under wraps, ongoing discussions signal a strong government focus on enhancing the sector's global standards. Currently, India’s medical device market is predominantly composed of disposables and implants, which contributed to an $11 billion industry in 2022, accounting for about 1.5% of the global market. Projections suggest this could expand to $50 billion by 2030. Mint’s Priyanka Sharma reports that the proposed scheme is expected to resemble the Revamped Pharmaceuticals Technology Upgradation Assistance Scheme launched earlier this year. The scheme supports technological advancements in the pharma sector through financial incentives. A new piece of legislation from the Karnataka government made news on Wednesday. The now-halted bill required that 50% of management and 75% of non-management roles in the private sector be reserved for local residents. Local residents are defined under the bill as individuals born in Karnataka or have lived in the state for at least 15 years. Being able to speak Kannada is also mandatory under this bill. The pause came after this policy shift was being seen as a serious challenge, particularly to the IT sector, which is a major contributor to the state's economy. The potential impact on these sectors includes a decrease in investments and a possible exodus of companies to other regions with less restrictive employment laws. Industry bodies like Nasscom even expressed deep concerns, predicting that such protectionist measures could deter global firms looking to invest in the state. Mint’s Devina Sengupta explains how the now-paused piece of legislation could have impacted Karnataka’s position in the race to become the country’s biggest tech hub. Guess what tech startups can do without? A Chief Technology Officer. Major tech-driven companies like Zomato, Healthify, Swiggy and others are reconsidering the necessity of this senior executive role. Mint’s Mansi Verma reports that instead of hiring new CTOs, these firms are redistributing responsibilities to existing team members or leaving the position vacant altogether. So what's causing this shift? Firstly, the cost of maintaining such a high-level position is substantial. CTO compensation packages often include hefty salaries and stock options, which can be financially burdensome. Additionally, internal promotions and reallocation of duties are proving effective. Companies are finding that empowering existing staff can maintain momentum and innovation without the need for a dedicated CTO. Despite this, an absence of the CTO could pose challenges, especially for companies relying on cutting-edge technology. The impacts of climate change are increasingly visible and distressing, ranging from severe floods to prolonged droughts. These events not only disrupt lives but also foreshadow significant economic turmoil. We're looking at potential drops or fluctuations in agricultural yields, which could lead to persistent food price inflation. Additionally, the severity of monsoon-related coastal flooding is likely to increase. In this article, part of Mint’s special series of pre-budget stories, former Minister of State for Finance Jayant Sinha talks about how India’s goal of net zero emissions can be reached through three steps: legislation, emission trading and capital mobilisation. Once synonymous with inefficiency, public sector undertakings or PSUs have transformed into significant wealth generators. In 2023-24, the 56 listed PSUs in the BSE PSU index recorded a combined profit of over ₹5 trillion, an all-time high. This surge is partly attributed to the government's emphasis on enhancing India's infrastructure, with capital expenditure rising dramatically over the past decade. Yet, this remarkable performance raises questions. Are we witnessing a sustainable growth trajectory, or is this another market bubble driven by government spending and sector-wide euphoria? Investors should consider whether they are chasing short-term gains or genuinely investing in long-term growth. While PSUs currently show strong performance, the underlying risk of a sector-driven bubble looms, suggesting caution in an overheated market. Today’s Long Story by Mint’s Abhishel Mukherjee focuses on PSUs listed on the Dalal Street, and whether investors should continue investing. We'd love to hear your feedback on this podcast. Le

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, July 17, 2024. My name is Nelson John. Let's get started: The Indian market's benchmark indices —Nifty and Sensex—inched up during Tuesday's trading. Sensex was up by 0.06 percent, while Nifty increased by 0.11 percent. Today, we're publishing a collection of pre-budget stories, ahead of the Union Budget set to be presented next week. I'd recommend you pick up a physical copy of Mint today to read this special edition. The lead story of our special pre-budget collection is penned by Montek Singh Ahluwalia, former deputy chairman of the Planning Commission. He predicts that all roads lead to the government's massive gamut of promises to be completed by 2047. First and foremost, NDA's third successive government is likely to want to boost GDP growth even further. A fiscal deficit of 5.1 percent is achievable, Ahluwalia writes. Lastly, an overhaul of the current Goods and Services tax should also take place to aid India's economic progress. Alhuwalia lists some other challenges the government would do well to achieve a superpower status in the next two decades. India's insurance companies, barring LIC, aren't exactly in the most strong positions. Three state-owned insurance companies, namely National Insurance, Oriental Insurance, and United India Insurance, need more money in case they need to settle a high amount of claims together. Subhash Narayan and Rhik Kundu report that the upcoming Union Budget might allocate anywhere between 4,000 to 5,000 crore rupees as a shot in the arm to these insurance companies. Subhash and Rhik report that the solvency numbers of these three insurers are much worse than they should be, and a one-time infusion of funds could help with either a public listing or privatisation. Notice that groceries have gotten expensive again? Official data shows that food inflation has shot up to 9.4 percent year-on-year, the highest in six months. Vegetables are dearer by 29 percent, pulses by 16 percent, and cereals by 8.8 percent. Sayantan Bera explains these numbers, and the reasons why your shopping carts have gotten more expensive yet again. Byju's has been dealing with a lot of financial struggles of late. Yesterday, the national company law tribunal, or N-C-L-T, admitted an insolvency petition. Interestingly, the petition was made by the Board of Control for Cricket in India — that's right, the management of the Indian cricket team. BCCI is suing Byju's for non-payment of dues. But the latest in this saga has dire consequences for Byju Raveendran and his team. They lose control of the startup, which will now be controlled by a resolution professional as appointed by the NCLT. Mansi Verma explains what this decision means for Byju's, its investors, and all those it has defaulted against. Financial influencers, or finfluencers, generally dole out advice to anyone willing to pay for their services. However, most of these finfluencers are unregulated — according to the Securities and Exchange Board of India, they aren't exactly qualified to advise you on your investments. But what about those who are qualified? Sashind Ningthoukhongjam writes about registered mutual fund distributors who are also doubling up as finfluencers. Sebi feels that registered entities should distance themselves from unregistered creators offering tall claims. Sashind explores this grey area by speaking to some industry experts on the matter. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: How to pack the journey for 2047 Mint Explainer: NCLT admits insolvency plea against Byju’s. Here’s what it means Fund infusion announcement for public sector general insurers likely in Budget Hidden in plain sight: New food inflation data Sebi is regulating influencers. What if they’re also MFDs? Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, July 16, 2024. My name is Nelson John. Let's get started: The Indian market's benchmark indices —Nifty and Sensex—inched up during Monday's trading session to settle at fresh closing highs. The Indian government is exploring an exciting proposal: getting public sector banks to take equity stakes in state-owned specialized infrastructure financiers. The spotlight is on the National Bank for Financing Infrastructure and Development. This plan is part of a broader effort to supercharge India's infrastructure development, which is already set for a massive investment boost. In fact, the 2024 interim budget has earmarked a hefty 11.1 trillion rupees for capital expenditures, a solid 11.1% jump from last year. Mint’s Mihir Mishra and Shayan Ghosh report on the plan that focuses on increasing the capital base of DFIs to 1 trillion rupees, utilizing contributions from banks with robust capital adequacy ratios. Macquarie Group, JSW Group, and Actis have thrown their hats in the ring to acquire Gurugram-based renewable energy platform O2 Power. The companies have even signed a non-disclosure agreement. Mint’s economy and policy reporter Utpal Bhaskar reports that the deal, managed by Barclays, is set to potentially value O2 Power at around 1 billion dollars in equity with an enterprise value of about 1.5 billion dollars. O2 Power, counts EQT and Temasek as major investments. The company is eyeing an ambitious expansion to reach a capacity of 5 gigawatts; it’s already close, with a current capacity of 4 gigawatts. The acquisition deal is poised to be a landmark in the renewable energy sector, reflecting growing interest in sustainable investments. Kota's coaching centres, once the epicentre for competitive exam preparation, are seeing a notable shift in their student base. With new branches opening in cities like Patna, New Delhi, and Latur, these centres are attracting local students who would have traditionally travelled to Kota. This shift is reshaping the coaching landscape, leading to reduced enrollments in Kota itself and impacting the city's once-thriving educational ecosystem. Mint’s Mansi Verma spoke to faculty members across various institutes, including Allen Career Institute. Representatives from Allen highlighted that while Kota is dealing with salary cuts due to fewer students, new centres in other cities are booming. Did you buy a flat in a stressed real estate project and are now waiting for the possession? Thousands in Delhi-NCR bought units in projects across the region around the turn of the last decade - only to find their investments stuck in limbo. While the Supreme Court intervened in 2019, asking state-owned construction corporation NBCC to take over the construction at Amrapali Group’s Noida projects, involving 38,000 units, the stressed project landscape otherwise looks very rocky. In 2023, the Indian Banks’ Association (IBA) reported that about 412,000 residential units, valued at 4.08 trillion rupees, were affected by halted real estate projects across India. Over half of these, approximately 240,000 units, are located in the national capital region. Additionally, more than 100,000 units are in the Mumbai Metropolitan Region, with significant numbers also reported in Pune, Bengaluru, and other major cities. In a detailed investigation of the troubled real estate market, Mint's Madhurima Nandy explores the protracted delays that have left many homebuyers waiting for years to receive possession of their homes. The government is considering a significant investment of 4.5 trillion rupees over the next five years to construct 23.5 million rural homes under the Pradhan Mantri Awas Yojana Gramin. The allocation targets 20 million new rural houses in addition to completing 3.5 million homes from the previous phase of the scheme. Mint’s Puja Das reports that the officials have outlined a phased approach, aiming to complete 4 million houses by the end of FY24, 8 million by FY26, and the remainder by FY29. The proposed funding of about 4.5 trillion rupees includes contributions from both the central and state governments, with the central government providing about 2.9 trillion rupees. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Govt wants its big banks to help their rival–the country’s youngest infra lender Macquarie, JSW Group, Actis line up to buy O2 Power in $1-billion deal How the cannibals came for Kota's coaching giants Bought a flat in a stressed real estate project? Here’s how long you've to wait Union budget may approve ₹4.5 trillion for rural housing scheme Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, July 15, 2024. My name is Nelson John. Let's get started: US Presidents have had a long history of being targets of assassinations — Abraham Lincoln, John Kennedy, and Ronal Reagen, to name a few. Yesterday, former president Donald Trump joined this illustrious list after being shot at by a 20-year old. Trump survived, but the shooter did not, after the Secret Service found him. The attack could intensify political divisions and influence the upcoming US presidential election. Elizabeth Roche brings you the implications of the shot heard around the world. The new government is set to present its next union budget next week. If you're a little confused, the Budget presented a few months ago was a small one — meant to keep the government machinery chugging till the election results were announced. The next budget, also presented by Nirmala Sitharaman, is much-anticipated: some reports state that income tax rate cuts might be coming. This is expected to boost the economy. But with only 0.4 percent of the country paying 86 percent of the taxes, will this really stimulate any growth? Vivek Kaul answers this crucial question in a narrative format the way only he can. How much processed food do you consume? It's difficult to ascertain — nearly every packeted item might contain some additive. From beloved namkeen snacks to instant noodles, everything has some preservatives. Shuja Asrar and Niti Kiran take a deep dive into a government survey that outlines India's eating habits. While urban India has started to get more health conscious — think the different varieties of Maggi — rural India loves snacking on biscuits. The rise of junk food in the Indian diet has also worried experts, but that doesn't stop Indians from thronging to fast food joints. TCS investors might want to close their ears: the company's CEO said that hard times are just starting. Tata Consultancy Services shares are up 7 percent since they announced their Q1 results last week, but global conflicts and confusion about interest rate cuts might prove to be dampers moving forward. Demand for the IT company's services has remained muted — if you leave out a contract from state-owned BSNL, and TCS's numbers look much worse. Varun Sood got the chance to sit down with K. Krithivasan and have an in-depth and honest interview about the state of TCS, the IT sector at large, and the impact of AI on jobs in the IT sector. Some people like to cook when they want a break. But what happens when cooking is your job? This weekend's cover story on Mint Lounge explored just that. Avantika Bhuyan spoke to chefs from India's top kitchens about what they did when they took a break. Answers range from playing music to painting to long distance cycling. These activities help them unwind, but also gather inspiration for the next time they step into a kitchen. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Trump’s murder attempt: What it means for us A stormy night and a taxing conversation on the budget In charts and numbers: India’s junk food juggernaut rolls on TCS not out of the woods, sees no GenAI threat The secret lives of chefs Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, July 12, 2024. My name is Nelson John. Let's get started: Indian stock market benchmarks- the Sensex and the Nifty 50- closed flat on Thursday, as gains in shares of ITC, ONGC, Tata Motors and SBI were offset by losses in those of Mahindra and Mahindra, Bajaj Finance, Larsen and Toubro and HDFC Bank. Delhi's summer has been nothing short of extreme this year. With temperatures frequently soaring well beyond the usual, hitting near 50 degrees Celsius, the capital found itself grappling with intense heatwaves. The sweltering heat prompted a significant response, with public hospitals establishing special heat treatment wards and reported heat-related fatalities reaching 58 by mid-June. However, as June ended, the weather took a drastic turn. The city experienced its highest single-day rainfall in 88 years on the 28 June.This sudden deluge not only disrupted daily life but also resulted in significant infrastructure damage, including the collapse of a canopy at Delhi Airport which tragically resulted in a fatality. The first half of 2024 has indeed been challenging for the residents of Delhi and the surrounding National Capital Region, home to a combined population of over 70 million. And the outlook for the remainder of the year suggests no respite, with the meteorological department predicting an unusually wet monsoon, which could lead to further flooding. Looking ahead to the winter, the situation appears equally grim with the anticipated onset of Delhi's notorious smog, which annually contributes to a high number of respiratory-related illnesses and deaths. This persistent cycle of extreme weather conditions underlines the urgent need for comprehensive environmental and infrastructural strategies to mitigate these impacts. Delhi’s weather also begets the question - Is it time for you to leave Delhi? Mint’s Sayantan Bera examines in today’s Long Story. India’s largest software exporter Tata Consultancy Services has set a strong pace in the first quarterly earnings of FY25, outperforming its average growth rate over the past five years. TCS reported a quarterly revenue of $7.5 billion, a 1.9% increase from the previous quarter, surpassing expectations from analysts who had projected a revenue of $7.44 billion. A significant portion of this growth, however, is attributed to an unusual surge in its India operations, Mint’s IT correspondents Jas Bardia and Shouvik Das report. The push in revenue is primarily because of a $1.83-billion 4G network project from BSNL. This has raised questions about the organic nature of TCS's growth, as half of its $142 million sequential revenue increase was derived from this Indian deal, marking a deviation from its traditional revenue streams predominantly from the Americas, Europe, and UK. Despite these doubts, K Krithivasan, TCS’s CEO, asserts that the company's growth isn’t solely reliant on the BSNL project. He acknowledges the current volatile market conditions, which affect decision-making and client investments but remains cautiously optimistic about the broader growth beyond this single project. India is gearing up for an expansion of its aviation infrastructure by doubling the number of airports from the current 138 to 300 by the 100th year of independence in 2047. Mint’s aviation correspondent Anu Sharma resorts that the plan is outlined in a draft by the Airports Authority of India. This ambitious project aims to accommodate an eightfold increase in passenger traffic, potentially reaching 3-3.5 billion passengers annually by the target year. The initiative aligns with efforts to enhance connectivity to tier 2 and tier 3 cities through programs like UDAN, which aims to make air travel affordable and widespread, particularly in less served areas. Locations identified for potential new airports include Kota in Rajasthan, Parandur in Tamil Nadu, and Puri in Odisha, among others. The plan also proposes converting existing airstrips in places like Mandavi in Gujarat and Sultanpur in Uttar Pradesh into operational airports. The Agnipath scheme is under review for potential modifications to enhance its appeal. Introduced in June 2022, to recruit young individuals aged 17.5 to 21 years into the armed forces, the scheme has been pivotal in rejuvenating the youth profile of the armed forces. It also addresses the ballooning defence pension liabilities. Currently, the scheme recruits these young individuals for a four-year tenure, with a fourth of them being offered a chance to join the permanent cadre afterwards. As of now, the scheme is expected to continue with possible modifications either in the FY25 Budget or later to make it more attractive to potential recruits, Mint’s Gireesh Chandra Prasad reports. The financial implications of the scheme are significant, given that the defence pension allocation for FY25 is ₹1.41 trillion, nearly a q

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, July 11, 2024. My name is Nelson John. Let's get started: Indian stock market indices ended the day around half a percent down each on Wednesday dragged by profit booking at higher levels. Prime Minister Narendra Modi recently wrapped up a two-day visit to Russia, a trip that stood out for the diplomatic delicacy amid ongoing global tensions due to the Ukraine conflict. Addressing President Vladimir Putin as a “friend,” Modi highlighted the longstanding ties between India and Russia. Yet, he didn't shy away from addressing tougher issues, including a recent Russian missile strike in Kyiv. The economic talks were particularly fruitful, with both leaders aiming to balance the currently skewed trade relationship, heavily dominated by India's purchase of Russian oil. They set an ambitious target to boost bilateral trade to $100 billion by 2030, up from a previous goal of $30 billion, which has already been surpassed. So what did the visit to Russia achieve for India diplomatically? Jindal Global University’s associate professor Elizabeth Roche explains in today’s Primer. Allen Career Institute, a major player in India's competitive exam coaching industry, has implemented significant salary cuts for its over 4,000 faculty and administrative staff. This decision follows a sharp 35-40% decline in student enrollments, signalling tough times for the coaching hub in Rajasthan’s Kota. Two years after a high-stakes battle to attract top faculty, the coaching giant is now facing severe financial strain, cutting salaries by 20-40 per cent. In a recent meeting led by CEO Nitin Kukreja, it was revealed that student admissions had plummeted from 131,000 last year to just 81,000 this year. The revised salary structure will now include a variable pay component. This move has sparked unrest among the staff, with around 600 teachers already voicing their discontent through a formal letter. Mint’s Devina Sengupta and Mansi Verma spoke to industry insiders who suggest this could be the start of a challenging period for Kota’s educational institutions. Several retired cricketers are discovering that their earning potential doesn't have to drop after hanging up their professional boots. Mint’s Varuni Khosla reports that thanks to leagues like Legends League Cricket, or LLC, these seasoned players are not only staying in the game but also scoring paychecks that often surpass what they made in their last IPL seasons. Take Gautam Gambhir, for instance. His last IPL paycheck was Rs 2.8 crore, but the LLC offered him a cool Rs 3.75 crore. Irfan Pathan saw a similar bump, going from Rs 50 lakh in the IPL to Rs 1.65 crore in the LLC. It’s not just them—players like Hashim Amla and Aaron Finch are also enjoying hefty salary boosts in these senior circuits. The LLC has become quite the attraction, now housing around 100 retired stars and still pulling in new faces. India is gearing up to introduce a new law aimed at ensuring fair transactions between Big Tech companies like Google and Meta and news publishers, drawing inspiration from similar initiatives in Australia and other countries. This move is part of a broader effort to make sure that tech giants pay for the news content they use on their platforms. The proposed legislation will complement the Digital Competition Bill, which is currently in its final stages of public consultation, sources familiar with the matter told Mint’s Gireesh Chandra Prasad. While the Digital Competition Bill focuses on establishing clear rules for Big Tech to promote fair competition, the new law under consideration will specifically address the dynamics between news aggregators and publishers. In less than five years, Quant Mutual Fund has rocketed up to the 18th position in India's mutual fund rankings under the leadership of Sandeep Tandon. The fund's assets under management (AUM) surged from just 166 crore rupees in December 2019 to an impressive 84,000 crore rupees by May 2024. However, the shine began to dim last month, reportedly, as SEBI officials raided Quant’s Mumbai and Hyderabad offices on suspicions of frontrunning. Frontrunning is an illegal practice similar to insider trading but in the mutual fund context. Quant Mutual Fund quickly confirmed receiving queries from SEBI, though specifics of the probe remained undisclosed. Tandon, maintaining a business-as-usual front, downplayed the disruptions. The story, however, isn’t just about the mutual fund. It also touches on Quant Capital, a separate entity set up a decade earlier, unrelated to the AMC but also linked to Tandon, who faced different challenges there. Mint’s Varun Sood takes a deep dive into rollercoaster ride of Sandeep Tandon as the head of the mutual fund, in today’s Long Story. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, July 10, 2024. My name is Nelson John. Let's get started: India’s stock market benchmarks- the Nifty 50 and the Sensex - hit fresh highs on Tuesday despite mixed global cues. Both indices saw a rise of just under half a percentage point from their previous day’s close. India's journey towards electric mobility has hit a bit of a speed bump. After a promising start, sales of electric vehicles, or EVs, are beginning to stagnate, largely because subsidies were slashed earlier this year. This has shifted a lot of expectations onto the upcoming third phase of the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles—or FAME—scheme, which everyone is eyeing ahead of the budget announcement on July 23. The FAME scheme first rolled out in 2015 and has been a cornerstone of India’s push to get more electric and hybrid vehicles on the road. It saw a significant boost in 2019 with FAME II, which pumped in ₹10,000 crore to support the adoption of EVs across various segments, from buses to two-wheelers. The impact of these initiatives? Pretty impressive initially. From selling just under 2,400 units in FY2015, EV sales soared, breaking the 100,000 mark in FY19 and reaching a whopping 1.68 million units by FY24. So, what’s the buzz around FAME III? Mint’s Sumant Banerji explains in today’s Mint Primer. The industry is hoping it will not only bring back better subsidies for individual car buyers and two-wheelers but also expand support to include trucks. India's recent net surplus in its current account, at $5.7 billion for the first quarter of 2024, is quite the headline. But it's not just about more money coming in than going out; it's a story that calls for a deeper look. Typically, India runs a current account deficit because our massive investment needs outpace the collective savings of our households, businesses, and the government. In fact, barring the first pandemic year, this year's deficit, projected at $23 billion, or 0.7% of GDP, is on track to be the second-lowest in two decades. Now, you might think this sounds like great news, but here’s where it gets complex. The Reserve Bank of India pointed out an uptick in investments, particularly driven by higher government spending and a surge in the housing sector. With investments pegged at 33.7% of GDP, that's a big deal because it means we're saving at a rate of 33% to maintain a current account deficit of just 0.7%. When the savings rate climbs, it opens the door for more substantial investments without widening the current account deficit. Picture this: with a modest 2% deficit and a savings rate of 33%, we're looking at an investment rate of 35%. That translates to a whopping ₹6 trillion directed towards nation-building efforts. So, a deficit isn't necessarily a bad thing when it stems from strong savings and solid investment. Deepa Vasudevan from Mint’s data team explores why having a current account deficit is good for the economy. The national rural job guarantee scheme, a crucial lifeline for millions in rural India, isn't expected to receive increased funding in this year's Union budget, according to two officials. The Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) will likely see its budget allocations hold steady as per earlier estimates. The scheme provides a financial safety net to rural households. These funds could be adjusted later based on job demands and requirements in rural areas. The budget originally earmarked ₹60,000 crore for FY24 and projected ₹86,000 crore for FY25. However, actual spending for FY24 exceeded the estimates significantly, reaching more than one trillion rupees, underscoring a strong demand for rural employment. This increase reflects the ongoing challenges in rural consumption and stagnant growth in the FMCG sector, with many economists pointing out the disparities affecting rural markets compared to urban centres. For anyone who grew up in the 90s and mid 2000s, Aahat remains to be one of the most iconic shows from their childhood. The horror show, which used to air on Sony, was one of the pre-saas-bahu era gems of Indian TV. Sony - the home to to such popular shows is now facing a challenge. Sony runs a vast media empire in India, including 26 TV channels, the SonyLIV streaming platform, a movie distribution and production business, a music label, and a talent management vertical. Despite these extensive operations, Sony’s revenue growth has been sluggish, increasing just 2% to ₹6,909.2 crore in the fiscal year 2022-23. In an effort to invigorate the brand, Sony has brought on Gaurav Banerjee as the new chief steward, hoping his fresh approach can turn things around. Will Banerjee’s advent at Sony turn things around for the Indian operations of the Japanese media giant? Lata Jha takes a deep dive to find out, in today’s Long Story. Management consult

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, July 9, 2024. My name is Nelson John. Let's get started: Sensex and Nifty remained largely flat on Monday. Both fell by less than 0.05 percent during trading hours yesterday. Yes Bank has had a phenomenal turnaround. After collapsing in 2020, a new set of people resurrected the struggling lender to a respectable position. Now that Yes Bank is in decent shape, it's attracting interest from outside. But any potential buyer wants at least a controlling 51 percent stake in Yes Bank. Anirudh Laskar reports that the Reserve Bank of India has given a go-ahead for Yes Bank to find a buyer with a controlling stake. Such approvals are quite rare, as RBI usually has an upper limit of 26 percent for any promoter. Anirudh also reports that the sale will be made at a valuation of 10 billion dollars for Yes Bank. As the income tax filing deadline approaches, many people will hand over their IDs, passwords, and OTPs to their chartered accountants to file returns on their behalf. No matter how much you trust your CA, that isn't a wise decision. Shipra Singh tells you a couple of alternatives for your CA to file your returns — without having access to your personal information. However, Shipra writes that Indian taxpayers aren't very apprehensive about this. Only one in ten clients express any hesitation about sharing their personal information, one executive from an accounting firm told Shipra. That isn't the best habit, but it seems that Indians don't care about sharing information as long as their work gets done. If you're not one of them, this article is for you. There are some media reports that the upcoming Union Budget will feature some income tax cuts. Theoretically, this move will stimulate the economy as people will have more money in hand to spend. But as Nandita Venkatesan outlines, this doesn't really work out. 92 million people in India pay taxes; a third of them reported a gross annual income of less than 5 lakh rupees. Another 24 million people earn less than 10 lakh rupees. So the most dominant tax-paying base already pays zero to minimal taxes. Nandita also spoke to economists to show why this presumption may not be correct after all, and has presented her story with some charts to drive the point home. If mobile phone companies had their way, we'd all be using foldable phones today. They occupy half the space, turn into much larger screens when opened, and have a good battery life. Foldables came back into the mainstream five years ago, and the Indian market has plenty of options. Despite that, foldables still aren't used widely. Shouvik Das writes that sky high prices and lack of innovative use cases are hampering the sales of foldable phones in India. App support is also poor; the split screen setup doesn't accommodate all the apps that you and I may use. Essentially, what foldable phones boast about doing — normal smartphones do much better. In 2009, Bajaj Auto took a landmark decision: to stop making scooters altogether. Rajiv Bajaj, the company's CEO, said that his company would focus solely on motorcycles. As scooter sales have outshone bike sales, that decision seems to have been a poor one for the makers of the iconic Chetak. Last week, Bajaj Auto took yet another decision that would have a wide-ranging impact on India's two-wheeler segment: it launched a CNG-powered bike, the first of its kind anywhere in the world. Bajaj is the number 2 in the 125 cc bike segment — with this CNG bike named the Freedom, it hopes to trounce Hero Motocorp to the first place. Sumant Banerji writes that Bajaj Auto has always prioritised margins over volumes. Will the 95,000 rupee Freedom too follow that model? We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: In a rare move, RBI okays 51% stake sale proposal for Yes Bank Are you sharing too much? The risks of giving your ITR credentials to CAs Income tax cuts in Budget: A half-hearted recipe to fix India’s consumption woes Foldable phones: Why haven’t they taken off? Riding on CNG, can Bajaj Auto raid Hero MotoCorp’s fortress? Learn more about your ad choices. Visit megaphone.fm/adchoices

On July 8, the Supreme Court will review nearly twenty petitions regarding NEET-UG. The outcome could affect around 2.4 million students. Allegations of paper leaks, exam delays, and unusually high scores have sparked demands for a reexamination. The petitions also sought CBI and ED investigations, besides the formation of an independent committee to probe these irregularities. Responding to the uproar, the government has withdrawn grace marks for some students and formed a committee to review the exam administration process and enhance security. Mint's legal correspondent Krishna Yadav and education reporter Devina Sengupta discuss the implications of this entire fiasco in today's Mint Primer. Moving on to our next topic of the day: Following India's thrilling victory over South Africa in the T20 World Cup Finals, India's cricketing dominance is at an all-time high. However, amid this glory, a critical pillar of support is faltering—a unique cricketing asset, the Kashmir Willow. Skilled artisans, famed for crafting cricket bats from Salix alba caerulea willow, are rallying for a renewed emphasis on local production, calling upon Indian cricketers to champion domestic industries, and highlighting the challenges they face. The craftsmen like Mohammad Yousuf are contemplating closure due to severe shortages of willow clefts, and rising costs. Irfan Amin Malik, a Kashmiri journalist, delves into the stories of families linked to Kashmir's bat-making tradition, capturing their resilience and hardships in today's extensive Long Story. Now let’s switching gears to enter the world of entertainment: In the dynamic OTT landscape, the rise of advertising video-on-demand (AVoD) within traditionally subscription-driven platforms is causing waves in the streaming world. Leading this charge are platforms like Amazon's miniTV and Disney+ Hotstar, which are now offering popular shows and major sports events for free on mobile devices. This shift isn't just about cost efficiency—AVoD content is notably cheaper to produce than SVoD. It's also levelling the playing field for new talent and smaller production houses to make their mark. Mint’s entertainment and media correspondent, Lata Jha, spoke with industry insiders who emphasised the challenge of maintaining robust ad rates and crafting compelling content that turns casual viewers into devoted subscribers. India's burgeoning digital marketplace could soon face a new regulatory hurdle. Companies like Zomato, Myntra, and Nykaa, alongside international giants such as Alphabet and Meta, are in the spotlight, and might soon find themselves classified as 'systemically significant digital enterprises' or SSDEs under the proposed Digital Competition Bill. It will henceforth be mandatory for them to stick to a strict set of rules and report compliance to the Competition Commission of India every year. But here’s the kicker—any slip-ups could see these firms facing fines of up to 10% of their global turnover. Mint’s senior editor Gireesh Chandra Prasad reports on the proposed move, inspired by Europe's Digital Markets Act, but \tailored to better fit the contours of India’s dynamic economy. With each budget announcement, citizens hold their breath for potential tax breaks, yet an emerging concern is the rising trend of retail investors plunging into high-risk ventures. According to an NSE report, 40% of its 95 million investors are Gen Zs, up significantly from 22% just five years ago. Additionally, the volume of high-risk index options has skyrocketed by over five times in the last three years. Consequently, there's a push for strategic tax incentives to guide investors toward safer, and regulated options. RBI's retail direct scheme for government bonds, for instance, offers secure investment avenues, but has seen limited uptake due to higher taxes and complex interface. Finsafe India’s Mirin Agarwal writes for Mint Money, explaining how three policy changes could put more money in the pockets of the aam aadmi, while safeguarding them from risks. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. That’s all for today. Thank you for listening. We're eagerly looking forward to our next Top of the Morning episode, which will be packed with fresh business news. Until then, have a great day ahead! Show notes: Mint Primer | NEET-UG fiasco: How to avoid trouble, going ahead Death overs: After a century, Kashmir’s batmakers could be run out Ad-driven slates are a strong focus for OTT platforms as initial efforts pay off Digital Competition Bill: Gatekeeper tag likely for top digital startups Three ways Budget 2024 can put more money in aam aadmi's pocket Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, July 5, 2024. My name is Nelson John. Let's get started: Sensex and Nifty remained largely flat on Thursday. Both rose by around 0.5 percent during trading hours yesterday. The share of foreign investors in HDFC Bank is set to drop below 55 percent. This is crucial for India's largest private lender as its weight in the MSCI India Index will double. Investors are excited for this move — HDFC's share price has increased by more than 16 and a half percent over the last month. Despite this surge, HDFC's share price has remained flat from a year ago. In sharp contrast, ICICI Bank’s share price has increased by more than 30 percent over the same period. HDFC's inclusion in the MSCI index might provide some cheer for investors in the short term, but it has plenty to catch up. The banking industry in India looks quite different than it did just five years ago. In September 2019, the Reserve Bank of India had directed all banks to link their interest rates to the repo rate as well as the treasury bonds. This meant that when any change in RBI's repo rate or the bond yields took place, the interest rates that the banks charged to the consumer would change proportionally. Prior to that, banks were quick to pass on interest rate hikes but not the savings that came with rate cuts. Shayan Ghosh writes that this transmission has been swift: 58 percent of all floating loans in India are now tied to \rates standardised by RBI. The regulator’s main motive is to protect consumers, and it's doing a good job of it so far under governor Shaktikanta Das. At Mint, we're closely following the next Union Budget. Our big Budget story of the day is that the government is planning on easing business-related hurdles, plugging in tax gaps, and recaliberating customs duties to empower domestic companies. The industries that are set to benefit from this move are textiles and engineering goods, report Gireesh Chandra Prasad and Rhik Kundu. Policymakers want to improve domestic production of goods, and will resort to these protective measures to ensure Indian companies fare better than their foreign counterparts. The Indian startup industry has had one major complaint for the entirety of its existence: the angel tax. This was a duty amounting to 30.6 percent — a steep price to pay when any startup is raising money. The government imposed it in 2012, and earlier this year, extended it to NRIs as well. This made fundraising a much more expensive process for both investors and the startups. But finally, there's some reprieve: Dhirendra Kumar reports that the ministry of commerce has recommended that this tax be repealed. This decision now lies with the ministry of finance. If this goes through, expect a lot more investments in India's ever-growing startup industry. At its peak, Tiger Global was one of the most prolific venture capital funds around the globe. It grew to prominence via its investments in China, making billions of dollars in the process. In India, Tiger has invested in more than 160 companies. Some of its notable investments in India include Flipkart, MakeMyTrip, Zomato, and Ola. But that was the Tiger Global of yesterday. Today, its roars have turned into meek yelps, writes Ranjani Raghavan. Tiger has only been making smaller, follow-up investments these days, and is afraid to take on big bets. The zero interest rate phenomenon is now dead, which means Tiger can't afford to invest in companies that believe in a growth-at-all-costs philosophy. That particular strategy allowed Tiger Global to grow to new heights, and it might be the reason why it fails spectacularly. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: HDFC Bank’s weight on the MSCI India Index is set to double. But does it matter? How Shaktikanta Das is fixing the problem of wayward bank interest rates Govt plans duty reforms, tax tweaks to boost local manufacturing DPIIT recommends removal of Angel Tax Why Tiger Global’s ferocious roar has turned into a soft mewl Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, July 4, 2024. My name is Nelson John. Let's get started: Indian stock market benchmark indices Sensex and the Nifty hit fresh highs on Wednesday. The Sensex breached the coveted 80,000 landmark, while the Nifty scaled its fresh peak of 24,309 points. The Sensex finally ended the day 0.69 per cent higher, while the Nifty closed 0.67 per cent higher. A new player has entered India’s investment game - and it's not a new company or a new investor. It's an entire generation of Indians. GenZ now makes up 40 per cent of the 95 million registered users on the National Stock Exchange. This marks a substantial increase from the 22-23% share before the pandemic. Mint’s Ram Sahgal and Sneha Shah spoke to industry insiders to report on the changing demographics of Indian investors. Dhiraj Relli, MD & CEO of HDFC Securities, notes that this age group tends to favour short-term gains through index options and intraday trading rather than long-term investment strategies. This trend is reflected in the overall dynamics of the NSE's investor base, where the median age has dropped from 38 in FY18 to 32. When Uttar Pradesh reported higher GST collections than Tamil Nadu for April, it stirred discussions about potential shifts in economic performance between the states. However, this occurrence seems more like a statistical outlier rather than a trend, as Tamil Nadu quickly regained the lead in May. Over the past six years, Tamil Nadu's gap in GST collection over Uttar Pradesh has actually widened from 13% to 16%. When GST was rolled out in 2017, there was a theory that it might benefit larger but economically weaker states due to their higher population and consumption. But the numbers tell a different story. Despite their large populations, states like Uttar Pradesh and Bihar haven't seen the surge in collections many expected. In contrast, Maharashtra, another populous state but with a stronger economic base, has consistently outperformed in GST collections. Our partners at howindialives.com report on this scenario that challenges the simplistic equation that a bigger population equals higher GST revenue. The price of onions has always been a pain point for parties when it comes to electoral politics. Historically, soaring onion prices have influenced voter behaviour. The looming shadow of another onion price hike is causing the Indian government to take preemptive measures to avoid a repeat of last year's crisis when skyrocketing prices hit consumers hard. Despite a good harvest, fewer onion-laden trucks are rolling into the country’s largest vegetable market—Delhi’s Azadpur mandi. This raises concerns about a potential price rise. This decrease in supply has not yet reached alarming levels, but it's enough to make the government cautious. Mint’s Puja Das reports that the government is considering requiring traders to declare their stocks and possibly imposing stock limits if the situation does not improve. This issue is particularly sensitive as several state elections are on the horizon. Top Chinese smartphone brands Vivo, Oppo, and Xiaomi are exploring partnerships with Indian companies to manufacture and distribute their products locally. This follows previous attempts to create joint ventures with Indian entities, but those didn't progress as planned. The discussions have evolved as large Indian conglomerates including the Tata Group, Reliance Industries, and Dixon Technologies have showed interest in setting up their own manufacturing operations rather than taking a majority stake in these Chinese firms. Mint’s telecom correspondent Gulveen Aulakh along with Shouvik Das report on developments that come amid ongoing investigations by India's Enforcement Directorate into allegations of tax evasion by the Chinese companies, totaling around ₹9,000 crore. This scrutiny has made potential Indian partners wary of associating closely with these brands despite the mutual benefits a partnership could bring. In Bengaluru’s Embassy Manyata Business Park, a 15-year-old Rosewood building has been extensively renovated to meet modern office standards. This 250,000 square foot structure now features a modern design with a double-glazed glass façade, updated elevators, and new interior finishes. It's part of a broader upgrade within the park, which also includes new premium dining options, enhancing the park's appeal to the 125,000 employees who work out of its office buildings. The renovation reflects a wider trend towards high-quality office spaces that combine functionality with luxury, aiming to attract top tenants and cater to a young workforce. Such spaces command a higher rental premium due to their enhanced amenities and design that prioritise employee experience and comfort. This shift is driven by companies' focus on retaining talent and making offices more appealing places to work. M

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, July 3, 2024. My name is Nelson John. Let's get started: Sensex and Nifty remained largely flat on Wednesday. Both fell by less than 0.1 percent during trading hours yesterday. It's difficult to keep the Adani Group out of the news cycle. More than a year and half after it was accused of various irregularities by US-based short seller Hindenburg Research, we're back at it. The markets regulator Sebi sent a show-cause notice to Hindenburg and its financial partner, accusing their report of being sensationalist and profit-oriented. Hindenburg fired back and denied Sebi's accusations, calling it, and I quote, "nonsense". Hindenburg added that Sebi's report was premeditated, and the research firm stood by its report. Varun Sood outlines the entire saga, and explains the notices and responses between Sebi, Adani, and Hindenburg. It's incredibly easy to get a loan these days. Fintech apps have brought in the "buy now, pay later" revolution, which means that you can order a pizza for dinner tonight and pay for it in the next three months, without any interest. But Indians aren't just borrowing small amounts — home, car, and education loans have been disbursed at the highest volumes since 2008. Vivek Kaul points out a glaring contrast between borrowing and spending data: we're borrowing more than ever, and spending... less? Private consumption today stands at just 8.5 percent, the slowest in two decades. Vivek answers why this dichotomy has taken place, and how the Indian economy is getting affected by such a pattern. While fintechs have more business than ever, their voracious potential for growth is only limited by one possibility: regulation. Priyamvada C and Mansi Verma team up to report that India's fintech companies want clarity on such regulations. They want hassle-free licensing, tax considerations, and provisions for financial inclusion. Fintech players told Priyamvada and Mansi that a clear framework would help in streamlining their work. For example, currently, a fintech has to apply for multiple licences to offer their services. They claim that they could be making much more progress and digitising more of India's finances if they had such a framework to adhere to. It's July, which means that it's the rainy season for most of India. While the season officially starts in June, this year's progress has been slow. This is bad news for India's agricultural sector, which completes much of the sowing for its kharif crops this month. A slow or insufficient monsoon can spell disaster for the country's economy, writes Harsha Jethmalani. She points out the concerns around inflation in June, and a cascading effect on rural incomes. India needs rural demand to rise, and a poor monsoon won't help with that. July also means that it's tax season. The deadline to file your income tax returns is 31st July. Unfortunately, the process isn't easy. There are a lot of forms to choose from, and one might get confused. Sashind Ningthoukhongjam weaves a nice narrative to explain the different kinds of forms, and which ones would be appropriate for your type of income. Remember, missing the 31st July deadline can lead to a penalty of 5,000 rupees — I'd recommend you to read this story if you still had doubts on filing your IT returns. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Mint Explainer: Hindenburg's latest salvo against Sebi and Adani—and Kotak Retail credit aplenty. But why is our spending growth soft? Fintechs seek regulatory clarity, improved licensing, tax reforms With a sombre start, spectre of a disappointing monsoon season lurks Income tax deadline looms: Know your ITR forms to avoid penalties Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, July 2, 2024. My name is Nelson John. Let's get started: The Indian market’s benchmark indices Nifty and Sensex both gained more than 0.5 per cent by the end of the trading session on Monday. In a significant push to bolster the 'Make in India' initiative, the government is considering a Production-Linked Incentive scheme that could transform the railway sector. The scheme—likely to be introduced in the upcoming Union budget—will specifically target the manufacturing of certain railway components that we typically import. Now, what’s on the cards? The government is thinking about offering incentives ranging from 5-10% for locally produced products like wheels, axles, and braking systems, crucial for modern train sets such as the Vande Bharat and green trains running on alternative fuels like hydrogen. They've proposed this scheme to last three years with an expected incentive pool of ₹1,000-1,500 crore. Mint’s Subhash Narayan reports on the scheme, aimed at making our rail component industry more robust and competitive. Indian investors have been showing unparalleled enthusiasm towards the defence sector–something that was seen post-world war 2 on Wall Street. Since its inception in January 2022, the Nifty India Defence Index has surged nearly 400%, overshadowing gains in other sectors. With India's significant military size and budget commitments to defence modernization, the sector presents a massive opportunity. In the fiscal year 2023-24, defence exports from India reached an all-time high, boosting investor optimism. However, the escalating stock prices have raised concerns about sustainability. Experts like Anirudh Garg from Invasset and George Thomas from Quantum AMC advise caution, pointing out that the sector might be overheated despite its growth potential. Mint’s Abhishek Mukherjee takes a detailed look at whether defence stocks can armour-plate your portfolio - in today’s Long Story. Private investors are increasingly initiating forensic audits earlier in their relationships with portfolio companies, aiming to identify and address potential financial and governance issues preemptively. This shift comes in response to significant financial losses caused by mismanagement in high-profile startups, leading to a more proactive approach in risk management. Previously, audits were typically conducted after issues surfaced, but now, they're often triggered by early warning signs, enhancing the ability to manage risks effectively throughout the investment lifecycle. Mint’s startups correspondent Sneha Shah reports. The first half of the year was packed with big Bollywood releases like Fighter, Bade Miyan Chote Miyan, and Maidaan, but even these star-studded films couldn't shake the Indian movie industry out of its slump. Box office collections dropped from ₹4,868 crore in the first half of 2023 to ₹3,000-3,500 crore this time around, also partly because we had almost no new films during the Lok Sabha election for about two months. Particularly, Bollywood's numbers were down by ₹400-500 crore. Despite these flops, there's a silver lining with some smaller films. Movies like Crew, Article 370, and Munjya did quite well, hinting that moviegoers are ready to return to the theatres if the content catches their eye. This shift towards smaller films is pretty stark compared to last year's blockbusters. But it's not all gloomy. Malayalam cinema has been doing surprisingly well, with several hits like Manjummel Boys and Aadujeevitham-The Goat Life easily crossing the ₹100 crore mark. It seems they've managed to rake in nearly 71% of their last year's total in just the first three months of 2024! Mint’s Lata Jha brings a wrapup of the first half of the year for India’s film industry. The rise of digital avatars or 'deadbots' that allow us to interact with representations of the deceased is stirring both fascination and ethical debates. Companies like DeepBrain AI, HereAfter AI, and Eternime are pioneering services that enable the dead to have a form of digital presence, often inspired by popular media like the Pixar film Coco. The goal ranges from providing comfort and legacy planning to educational purposes, such as allowing students to interact with an avatar of Einstein discussing relativity. The potential of these technologies extends beyond simple memorials. They can perform at virtual concerts, offer family recipes, or guide medical students—almost like bringing the past into the present. Mint’s Leslie D’Monte explains what deadbots are in today’s Primer. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Wheels, brakes and axles: Vande Bharat's parts makers may get a PL

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, July 1, 2024. My name is Nelson John. Let's get started: Three days ago, Reliance Jio hiked its tariff rates across all its plans. Its closest competitors Airtel and Vodafone Idea soon followed suit. This is the third such hike in the last five years. Average rates for all plans were increased by 10 to 25 percent. Gulveen Aulakh reports that another hike could come in the next financial year. However, increased prices are good news for investors, as this will lead to better revenues across the board. India will continue to have some of the cheapest data tariffs anywhere in the world. Telecom companies feel that these hikes can be easily absorbed by the end users at the moment. Over 2.3 million aspirants had pinned their hopes on the results of the UGC NEET exam. However, the entire debacle has dashed the hopes of many hoping to pursue medicine as a career option. Rajrishi Singhal opines that this fiasco was a failure of the government's education policy. NEET was conceptualised in an era where the contrast between the applicants and the number of medical seats was far too high, while most states conducted their own entrance exams. This supply-demand problem led to huge financial exploitation of aspirants. The NEET exam was intended to level the playing field. That problem still exists: the 2.3 million students are vying for just over a hundred thousand seats. Rajrishi argues that fixing this would involve long-term solutions, not immediate band-aid fixes that have proven to be a bane for India's education system. If you've been planning to buy a new phone, you'd most likely rather wait till the upcoming festive season to capitalise on all the discounts. However, at smartphone showrooms, these discounts are rolling in already. And no, these aren't bank-specific offers that are now run-of-the-mill at any online retailer. For example, you can now take EMIs without any down payment. You can even immediately exchange your existing smartphone for a new one. Shouvik Das writes that mobile phone makers might soon extend further discounts to boost weakening consumer sentiment. The prices for flagship phones are only increasing, putting off potential buyers. These offers are intended to lure such buyers, notes Shouvik. So before you add to cart, make sure to visit your nearest store — you might just find a better deal. Amaravati in Andhra Pradesh was supposed to be the next big megapolis. It was supposed to have lush green manicured lawns and a city plan that accounted for trees all over the city. In 2014, Amaravati was declared as AP's new capital, to be inaugurated in a decade. Well, it's that time, and Amaravati is... a ghost town? But with K. Chandrababu Naidu and the Telugu Desam Party roaring back to power, Amaravati is poised to return to its planned glory. Amaravati is centrally located for most parts of AP, and is connected to the river Krishna. Read N. Madhavan's excellent on-ground report of the promise that was Amaravati, what exists today, and what the new government has planned to turn it into posthaste. It's July, which means it's also Wimbledon season! Arguably the most prestigious grand slam to exist in the world of tennis, winning just a single match at the tournament is considered a huge achievement for many. Last year's result in the men's division was a shocker for most: 20-year old phenom Carlos Alcaraz won the coveted title. He was the first new name to win Wimbledon since 2003. With Nadal, Federer, and Murray retired, and Novak Djokovic nursing injuries, this year too could spring up a new surprise winner. Deepti Patwardhan writes an excellent primer on this year's tournament, and how for the first time in decades, it feels like it could be anyone's year. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Phone tariff hikes: Is this the end of cheap data? There are no neat solutions to the country’s Neet fiasco Festive season comes early to smartphone showrooms Capital gains: How zombie town Amaravati could rise again with TDP in Andhra Wimbledon 2024: A tournament that is brimming with possibilities Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, June 28, 2024. My name is Nelson John. Let's get started: ˛ The equity markets rose on Wednesday. Both Nifty and Sensex were up by about 0.7 percent yesterday. The bond market is up and kicking again. Starting today, India's bonds will be included in JP Morgan's emerging markets bond index. This will make India the 25th country to join the index. 23 Indian bonds will join the much-tracked index, and will certainly bring in a flurry of income. Mayur Bhalerao and Gopika Gopakumar write that foreign investors bought around 67,000 crore worth of bonds ahead of this much-anticipated decision. JP Morgan will itself passively invest around 25 billion dollars into Indian bonds over the next 10 months. If you're travelling to a small town, chances are you might see an Air India flight pop up on your route. Air travel between smaller cities is called regional aviation, and is less popular among airlines due to lack of occupancy and highly competitive pricing. The Tata Group is now planning on entering this space, report Anu Sharma and Mihir Mishra. Market leader Indigo currently dominates this landscape, while other routes are fulfilled by state-owned Alliance Air. Air India is also beefing up its fleet with aircraft suited to ply on these routes, Anu and Mihir add. Indians have mastered chess. We have 85 grandmasters at the moment. But to become a grandmaster, one might need to spend around 30 lakh rupees a year. Gaurav Laghate writes that through online chess games, entering the world of chess is easy. But to hone your skills, you have to compete with the best — and the best come together in international tournaments. To facilitate that, parents often have to take loans to fulfil their kids' potential. Thankfully, there are scholarships available. Chess players also earn money by playing for clubs, competing in tournaments, sponsorships, and appearance fees. Gaurav's piece covers the breadth of the global chess world and the work it takes to get to the top. While the earning avenues for chess players are growing, those for actors are dwindling. OTT platforms like Netflix, Hotstar, and Amazon Prime are tightening their purse strings. This is directly affecting actors' salaries. Lack of shared data on viewership and performance also makes it difficult for actors to determine the success of certain seasons — leading to a stalemate when it comes to salary discussions. According to industry estimates, popular OTT actors like Manoj Bajpayee, Pankaj Tripathi, and Nawazuddin Siddiqui earn between 8 to 10 crore per season. While OTTs want to give a raise of 10 to 12 percent, actors are demanding as much as twice if the previous season was successful, reports Lata Jha. The Indian government wants to keep building roads. Subhash Narayan reports that the centre is mulling an increase in capital expenditure to the ministry of road transport and highways. However, this increase will be moderate — around 5 to 10 percent of last year's budget. More than 20 percent of the total roads this year are expected to be built by private entities, who use tolls to recover their costs. In FY23, private entities are expected to have invested 20,000 crore rupees in the road infrastructure segment. Get ready for new roads, and a lot more construction on your way to work. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Indian bonds back in action with inclusion in JP Morgan index Air India eyes regional aviation space in challenge to IndiGo Checkmate: How Indians mastered Chess As OTTs tighten purse strings, top stars may feel the pinch FY25 budget likely to see moderate increase in allocation for road construction Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, June 27, 2024. My name is Nelson John. Let's get started: The equity markets rose on Wednesday. Nifty was up by 0.62 percent, while Sensex edged up by 0.80 percent. It's been seven years since the central government imposed the Goods and Services Tax, commonly known as GST, on India. The aim was to create a common market where sellers and buyers didn't have to worry about a myriad of state and municipal taxes. However, the current slab structure has introduced a lot of complexities into the tax structure. The largest friction point has been over the funds that the states receive from the centre. How India Lives . com analyses these claims, and tries and figures out if the distribution of collected taxes is equitable for all the states. Central banks in the UK and Canada have cut their interest rates. The US Federal Reserve, which directly and indirectly controls the world economy to a large extent, has been mulling a rate cut for months as well. India's mutual fund industry is anticipating such a move from the Reserve Bank of India as well. If that happens, funds want to cash in. They're doing this via duration funds — a portfolio of bonds. Bond yields change according to current interest rates. As Anil Poste explains, a declining interest rate would provide higher returns via longer duration bonds. Mutual fund experts are bullish considering India's inflation and the relatively stable economic environment. Even just a 50 bonus point cut — that's half a percent over the next 12 months— would greatly improve the yields of this bond, Anil writes. Ask any lay person for categories of four-wheelers, and they would probably list out hatchbacks, sedans, and SUVs. But ask any sector expert, and they'd tell you CV and PV: commercial and passenger vehicles, respectively. Commercial vehicles are a category of vehicles that you wouldn't really buy: this includes trucks, buses, vans, and tempos. Tata Motors has now decided to split its two businesses in order to focus better on these respective segments. The combined entity had CVs as the cash cow, but was bankrolling Tata's PVs. Nehal Chaliawala writes that now that the PV segment has turned profitable on its own, Tata Motors' split between the two will help CVs power through on the back of its own revenue. Meanwhile PVs, which include the new successful upstart electric vehicles as well, will hope to achieve an Ebidta margin of 10%. Every year, the government boasts of lifting millions of people out of poverty. However, as N Madhavan writes, the way it goes about it isn't the most reliable. Poverty is measured by arriving at a poverty line. Those who fall under this line are considered poor by definition. The current achievements have been touted because we're still using the poverty line set in 2012. Experts are now calling for a new line that takes into account the inflation and living conditions. If you're looking to build a new factory, you might want to wait for just a bit more. In a bid to encourage India's lagging manufacturing sector, the government had put a 15 percent tax rate for new manufacturing facilities. This started in 2019, and led to over 23,000 factories opening in FY20. However, covid-induced lockdowns stalled progress. This scheme's validity expired on 31 March this year. Gireesh Chandra Prasad reports that the government is likely to restore this concessional rate in their next Budget. A lower tax rate is a great incentive for India's manufacturing sector to take off, and the new government is counting on it. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Seven years on, GST still sparks Centre-state friction Why the mutual fund industry is betting on duration funds Tata Motors says demerger will allow all businesses to unlock potential Why India must count its poor accurately Building a new factory? Budget may extend concessional tax rate for a year Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, June 26, 2024. My name is Nelson John. Let's get started: Traders booked profits on Wednesday after India's benchmark indices Sensex and Nifty opened at fresh all-time highs on Tuesday and climbed higher still. Sensex, which had opened at a record high, created a fresh all-time high of 77,851 points, but later pared some gains and closed 0.05 per cent higher from its previous close. Similarly Nifty touched another record at 23,664 points, before coming off its high and closing 0.18 per cent above its previous close. Saudi businessman and chairperson of energy giant Aramco Yasir Al-Rumayyan has been on the board of Reliance Industries for three years now, but he’s missed about a quarter of the meetings. This hasn't gone unnoticed—nearly 40% of the company's public shareholders recently voted against keeping him on board. Another board member, Haigreve Khaitan, faced opposition from a third of the large investors due to his commitments on multiple boards, raising concerns about his availability for Reliance. Despite opposition, both members were reappointed, thanks to the backing of Reliance’s promoters. Mint’s Varun Sood reports on the event that has stirred discussions about shareholder rights and corporate governance, with experts pointing out potential conflicts of interest. Indian filmmakers are getting creative with how they make money from big-budget films. It's not just about box office sales anymore. Filmmakers are now branching out into merchandise and even animations that continue the story on TV or streaming platforms. Take, for example, the movie 83, which starred Ranveer Singh and focused on India's cricket World Cup win in 1983. They didn't just stop at the movie; they launched a whole range of merchandise. We're talking clothes, home decor, even travel bags—all themed around the film. Then there are movies like Baahubali and Singham, which have taken things a step further by spinning off into animated series that fans can watch long after they leave the cinema. Even more interesting is the case with Kalki 2898 AD. Before this film hit the theatres, its spin-off series started streaming on Amazon Prime. This idea of turning films into ongoing intellectual properties (IPs) that live on beyond the theatre is pretty new in India. Mint’s media and entertainment correspondent Lata Jha spoke to industry insiders who told her that diving into merchandise and spin-offs isn’t just about making extra cash; it’s about keeping fans engaged and turning memorable movie moments into something they can hold onto. India’s ports-to-power conglomerate Adani Group is gearing up for a major expansion, planning to nearly double its capital expenditure to ₹1.3 trillion in FY25. It’s focus is going to be mainly on infrastructure and green energy. The Gujarat-based group’s CFO Jugeshinder Singh, shared that this massive capex, up from ₹70,000 crore in FY24, will be financed through a mix of 30% debt and 70% equity. This includes internal accruals and capital from promoters. A significant portion, about 85%, will be funneled into infrastructure and utilities. This includes ₹34,000 crore in renewable energy, ₹7,000 crore into the ports business, and ₹4,200 crore in the data centers sector under the unlisted AdaniConneX. The rest will be distributed among airports, roads, and energy equipment manufacturing. Mint’s Anirudh Laskar and Nehal Chaliawala report on the development in one of India's most aggressive expansion drive. The monsoon season, crucial for India's agriculture, has had a shaky start this year. Spanning from June to September, the season typically accounts for 75% of India’s annual rainfall, which is vital for crops, filling reservoirs, and supporting farm incomes. Despite arriving two days early on May 30 in Kerala, the rainfall has been significantly below expectations, with a 19% deficit as of June 25. This uneven distribution has led to severe droughts in some states and floods in others, impacting the critical planting season for kharif crops like rice, pulses, and cotton. Mint’s Sayantan Bera explains how a subnormal monsoon could affect India’s economy. Mango - the “king of fruits” - has been cultivated in India for over 4,000 years. The country boasts over a thousand varieties of the fruit. Be it chausa, langra, dushehri or alphonso, we Indians love our mangoes. Our farmers produce more than half of the world’s mangoes. Despite India being the world’s largest mango producer, the country struggles in the export market. Less than 0.5% of its annual mango production is exported due to the delicate nature of India's most beloved cultivars, which do not endure long-distance travel well. This limitation contrasts starkly with mango varieties from Mexico and Brazil, known for their thicker skins and longer shelf lives. Moreover, the significant freight costs associated

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, June 25, 2024. My name is Nelson John. Let's get started: The equity markets rose slightly on Monday. Nifty was up by 0.16 percent, while Sensex edged up by 0.17 percent. Imagine investing a hundred rupees into a business, and recovering nothing. You might brush it off, but you'd still like to have made some money off your investment. Dutch investment firm Prosus invested a total of 530 million dollars into Byju's. For that money, it was hoping Byju's could change the education sector in India. But yesterday, it wrote off its entire investment. Prosus's investment was worth around 2 billion dollars just a couple of years ago. But since then, the edtech has had a huge fall from grace, running into financial issues such as alleged misselling and billions in unpaid debt. Mint's newest writer Mansi Verma explains why Prosus gave up on any hopes of making money off Byju's. If you've thought of buying an electric car, you would have understandably been worried about it dying on you on the road. And unlike their fossil fuelled cousins, chargers for EVs aren't as widespread as petrol pumps are. Currently, India is home to only 12,000 charging stations. But EVs aren't just environmentally friendly — they are also really cheap to drive. The next best thing is a hybrid car: a petrol or diesel engine with a small electric engine too. These don't need to be charged separately: the internal combustion is enough to power this too. Sumant Banerji writes a detailed story on the emergence of hybrid cars, and why carmakers are pushing for this new category of vehicles to take over the Indian market. Recently, the government cancelled the National Entrance Test for postgraduate entrances just hours before the test was to commence. One of the fears was that the test had been hacked, and the questions uploaded on the "dark net". Devina Sengupta and Krishna Yadav explore this possibility. Cybersecurity experts told them that while such leaks would be rare, they could have occurred when the papers are set or being sent for printing. However, such breaches are more common in areas such as banking or IT. As Devina and Krishna note, competitive exams may be their next target. The Mahatma Gandhi Rural Employment Scheme is the biggest such initiative anywhere in the world. It guarantees anyone at least a hundred days of employment. But now, instead of being paid in cash, MNREGA employees could be paid in grain. Puja Das reports that the centre is planning on offering rice as part-payment for the workers due to rising rural distress and swelling granaries. The current rate differs from state to state, but ranges between Rs 234 and Rs 374 a day. Look at any household objects you have — chances are, the tag says "Made in China". Understandably so, since no other country has the manufacturing prowess that our neighbours do. But for two years, the US overtook China as India's biggest trading partner. Political tension between India and China as well as concerns of China flooding the Indian market with cheap and low-quality goods turned out to be to the US's benefit. But not for long: This year, China is back as India's preferred trading partner. Sumant, who also wrote the hybrids long read, explains the hot and cold Indo-China relationship, and how it affects the business between the two countries. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Prosus gives up on Byju’s, writes off its entire investment in edtech firm Hybrids have made a comeback in 2024. Will they spoil the EV party in India? Exam mess casts cyber scare over education Centre in a first may give rice as part of MNREGS wages How China pipped US to become India’s largest trading partner Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, June 24, 2024. My name is Nelson John. Let's get started: Let’s first jump onto the clean energy bandwagon. The Adani Group plans to invest between 25,000 and 27,000 crore rupees (or close to 3 billion dollars) in its first pumped-storage hydropower (PSH) facility. According to Mint’s Anirudh Laskar, Adani Green will set up 5 gigawatts of PSH capacity over the next five years. This process involves moving water between two reservoirs at different elevations to generate electricity, essentially functioning like a giant battery that stores power during periods of low demand, and releasing it when needed. This technology is particularly essential for ensuring stable, round-the-clock power supply, unlike the intermittent nature of solar and wind energy. The planned facilities will be located across Maharashtra, Andhra Pradesh, Tamil Nadu, and Telangana. Diving into our second highlight of the day: In a world increasingly shaped by technology, smartphones may soon face obsolescence. The smartphone, often hailed as the Swiss Army Knife of the digital age, is now threatened by innovations like extended reality glasses, gesture-based interfaces, and brain-computer interfaces such as Elon Musk’s Neuralink. Musk envisions a future where devices, such as the Neuralink, could render smartphones redundant by directly interfacing with the human brain to perform all the current functions of smartphones. And it isn't just Musk. Tech and internet analysts have long speculated about a future where wearables and embedded chips could supplant the functions of smartphones. What challenges could this future pose, and which technologies could dominate this transformative tech landscape? Mint’s Leslie D’Monte explores these questions in today’s Mint primer. Now, we will shift focus to regulatory developments: Indian authorities are looking to expand their scrutiny beyond LinkedIn and Samsung to include more local branches of multinational corporations. In fact, six unlisted Indian units of MNCs are now under the lens of the Registrars of Companies. Officials are meticulously reviewing disclosures and shareholding information of these companies, as reported by Mint’s Gireesh Chandra Prasad. Earlier this month, the RoC in Uttar Pradesh found that two Samsung subsidiaries had failed to adequately disclose Samsung Electronics' executive chairman Lee Jae-Yong as a “significant beneficial owner." Last month, LinkedIn's Indian subsidiary was penalised 27 lakh rupees for failing to comply with SBO reporting standards, involving several top executives, including Microsoft's CEO. A source informed Gireesh that India’s business landscape is expanding rapidly, with approximately 150,000 new entities registering annually. This growth underscores the need for stringent regulatory oversight to maintain order and prevent future complications. Moving on to our fourth story of the day. In a rapidly growing economy like India, the challenge of generating sufficient jobs to meet demand is formidable. Despite significant economic growth, many educated young Indians find themselves underemployed, leading to widespread frustration and discontent among the youth. This employment crisis has also had political implications, as evidenced in the recent election outcomes, which saw the ruling BJP lose its absolute majority, resulting in a coalition government. Compounding these challenges is the widening economic disparity with the wealthiest 1% of Indians controlling 40% of the nation's wealth, while the bottom 50% owning just 6.4%. Despite these challenges, experts said the government’s significant investments in capital expenditure has been pivotal in driving India's rapid economic growth.As Prime Minister Modi begins his third term, there is increasing focus on recalibrating economic policies to ensure inclusive growth across all segments of society. Mint’s senior editor N Madhavan examines the need for Modi 3.0 to craft a new economic blueprint. Wrapping up today's episode with some positive news for consumers: In a meeting held in New Delhi on Saturday, the GST Council, chaired by Union Finance Minister Nirmala Sitharaman, announced significant reductions in tax rates on essential items, as well as measures to simplify business operations. The tax rate on everyday items such as milk cans and solar cookers has been reduced from 18% to a more consumer-friendly 12%. Besides, students will also benefit from GST exemptions on hostel stays exceeding 90 days, provided the monthly fee is below 20,000 rupees. Furthermore, in a move aimed at easing costs for daily commuters, GST has been waived on platform tickets and other railway-related services. E-commerce sellers will also see a reduction in the tax collected at source from 1% to 0.5%, which is expected to free up working capital for thousands of small and mid-sized busines

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, June 21, 2024. My name is Nelson John. Let's get started: Indian benchmark indices, Nifty and Sensex, opened at record levels and touched new highs during the session before ending the day marginally higher, with Sensex up 0.18 percent and Nifty up 0.22 percent. From next June, every new smartphone and tablet sold in India will need to have a USB-C charging port so that consumers can charge all their devices with just one type of charger. The rule, which will include laptops by 2026, is part of India’s efforts to align itself with global standards set by the European Union to enhance convenience and reduce waste. The new rule doesn’t apply to feature phones and wearables for now, but it's a big step in the right direction. The Indian government said it plans to enforce the new standard vigorously. Companies that fail to comply will face penalties under the Consumer Protection Act, Mint’s Dhirendra Kumar and Gulveen Aulakh report. There's also a push for makers of basic phones and other devices to voluntarily adopt USB-C ports, which would further unify charging standards. Leading smartphone makers such as Xiaomi and Oppo have already voiced their support. Sebi has issued a stern directive to Religare Enterprises Ltd, ordering it to comply with securities law. The development unfolded as the Burman family, promoters of Dabur, made moves to increase their stake in Religare through an open offer. Sebi instructed Religare’s chairperson Rashmi Saluja and the board to seek necessary approvals from the Reserve Bank of India within a week. The action highlights Sebi’s concerns about Religare's attempts to obstruct the open offer by the Burmans, who are significant stakeholders in Religare through various family-owned entities. Sebi intervened despite resistance from Religare – which expressed doubt about the Burmans' ability to improve the company’s management – highlighting the importance of adhering to the proper procedures in an acquisition. Mint’s Ranjani Raghavan and Neha Joshi report. Apple and Google are diving deep into generative AI, and making smartphones more capable in the process. Apple recently announced ‘Apple Intelligence’, a set of tools that will allow iPhones, iPads and Macs to perform tasks such as transcribing calls, crafting emails, and generating images and emoticons. Google rolled out similar capabilities last September, and Samsung also offers similar AI features on its top-tier devices. However, not all AI tasks are processed on the device itself. Apple's Siri will soon be able to handle simple queries on-device but could tap OpenAI’s ChatGPT for more complex requests. Google’s Pixel phones and Samsung’s devices need internet connections to access hefty AI models stored in the cloud. For now, these cutting-edge AI features are limited to premium models. Apple’s AI suite is exclusive to its 15 Pro and Pro Max iPhones, while Google and Samsung have integrated AI into their latest devices, with potential expansions on the horizon. What’s next for smartphones as tech giants throw their hats in the AI ring? Mint’s tech correspondent Souvik Das has the answers in today’s Primer. Omnichannel furniture retailer Pepperfry ventured into the furniture rental market in 2017, tapping the ‘sharing economy’ vibe that appealed to India's young urbanites. At the time, the company estimated that the market could one day be worth $1 billion a year. Despite a promising start, Pepperfry ended its rental services in 2019, saying the market was too niche. There are still 157 companies worldwide that employ the rental model, including Indian firms such as Rentomojo and Furlenco. But most are still small, thanks to a complex market with overestimated potential. For instance mattress company Wakefit, which started in 2016, later ventured into furniture and saw revenue rise to 813 crore rupees by 2023. Rentomojo made 121 crore that year. These companies face plenty of challenges, from complex logistics to quality issues, and many renters have endured poor service and delayed pickups. Some companies are adapting by diversifying into appliances and electronics, while others are focusing on logistics to improve their services. Mint’s startup correspondent Priyamvada C takes dives deep into the workings of furniture rental startups in today’s Long Story. India is facing a brutal heatwave, with the Health Ministry reporting 110 heatstroke-related deaths and more than 40,000 suspected cases as of June 18. Most of the victims are in rural areas, where many people work outdoors and have limited access to healthcare. Madhya Pradesh has recorded the most heatstroke cases, followed by Rajasthan and Andhra Pradesh, while Uttar Pradesh has seen the most deaths, reports Mint’s Puja Das. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You ma

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, June 20, 2024. My name is Nelson John. Let's get started: Equity markets were more or less flat on Wednesday. Nifty was down 0.18 percent, while Sensex edged up 0.05 percent. Markets have rebounded after a huge crash when the general election results were announced at the start of the month. Small- and mid-cap stocks are leading the charge, taking valuations to fresh highs. Dipti Sharma writes that benchmark indices such as Nifty Smallcap 250 and Nifty Midcap 100 have each surged by almost 20 percent. However, this immediate rebound has raised questions about the sustainability of the current bull run. Market experts told Dipti that volatility is always possible in small- and mid-cap stocks. Moreover, their sky high valuations also raise concerns about the potential upside moving forward. As always, investor caution is advised. A few years ago, Yes Bank was in a constant crisis. Then, the Reserve Bank of India stepped in. Changes were made and Yes Bank had new stakeholders to steer the ship out of troubled waters. State Bank of India picked up a 49 percent stake in the bank, while a host of private lenders invested some 10,000 crore rupees. These investments were locked in for at least three years to ensure that depositors continue to be serviced. Today, the bank is in a far better position, writes Gopika Gopakumar. Credit for the turnaround goes to Prashant Kumar, the MD and CEO of Yes Bank and an SBI veteran. While Kumar has done well so far, his real challenge begins now, as the investors' three-year lock-in has expired. Some will no doubt come knocking to get their money back. How will Kumar deal with this challenge? Gopika tries to answer this and other questions. India witnessed another train accident this week, which killed 10 people. Plans to modernise and improve the country’s railway infrastructure have been underway for a while. The government has been rolling out a system called "Kavach", which means shield in Hindi. The system automatically hits the brakes on a train if it sees another one approaching. However, only 1,500 km out of 68,000 kilometres of train tracks have been fitted with Kavach. That’s less than 5 percent Such anti-collision systems have been in place in Europe since the 1960s. Shelly Singh notes that we need to increase the coverage of Kavach to prevent or at the very least reduce train accidents. Generally, air travel is safer than rail. One reason is that airports are more modern and adopt safety technologies much faster. Anu Sharma writes that Indian airports are now using artificial intelligence tools to improve their services. AI will mostly help with customer service. However, Anu writes that Delhi international airport, the busiest airport in India, is using AI to plan travel, and manage traffic at crucial places such as immigration counters. For example, waiting times for travellers with electronic visas could be expedited using AI. The scorching summer and delayed monsoon have caused spot prices of electricity to surge. Rituraj Baruah reports that a unit of electricity now costs 6.78 rupees on the India Energy Exchange. It was 5.51 rupees just a month ago. As state power distribution companies have long-term power purchase agreements, they won't be bothered by the sudden price increase. However, those who need to buy power from these markets for immediate consumption will suffer. The past two months saw a 14 percent increase in electricity consumption compared to last year. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: After a brief break in March, the broader stock market is buzzing again Yes Bank’s turnaround: Why Prashant Kumar still has miles to go Can tech steer train safety into the future? Indian airlines, airports adopting AI tools to improve services Exchange prices of power increase, hit ceiling price in peak hours Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, June 19, 2024. My name is Nelson John. Let's get started: The Indian stock market's record-breaking spree continued as key equity indices—the Sensex and the Nifty 50—settled at their fresh record highs on Tuesday. The Sensex closed up by 308 points, gaining 0.40 per cent. The Nifty gained 0.39 per cent at the close. A severe heatwave has been lashing parts of North and East India for weeks now. Daytime temperatures have perpetually been above 45°C, affecting Indians' daily lives. The recently concluded general election was notably impacted by the heat, with voters in 19 states enduring dangerous 'heat stress' during polling. A recent analysis by Respirer Living Sciences highlighted that during the last three phases of the election, over 70% of the constituencies experienced significant heat stress. The long-term effects of these rising temperatures are evident. Even areas traditionally unaffected by severe heat, like Jammu and Kashmir, Himachal Pradesh, and Uttarakhand, recorded multiple heatwave days this year. This year alone, heat-related illnesses have been deadly, and discrepancies in government-reported data on heatwave-related deaths have raised concerns. As the country continues to face record-breaking temperatures, the electricity demand has surged, hitting a five-year high in June. Mint’s Manjul Paul explains through charts how the harsh effects of the heatwave have deepened the misery of millions of Indians. Click on the links in show notes to read the stories featured in today’s podcast. India Inc is calling for a significant increase in government capital expenditure. Confederation of Indian Industry (CII) president Sanjiv Puri argues for a 25% rise from the ₹11.11 trillion set in the 2024-25 interim budget for 2024-25. The proposed increase would cost an additional ₹2.78 trillion, raising capex to 4.25% of GDP. This demand is aimed at bolstering the rural sector, which has not fully recovered from the pandemic's impact. This demand is somewhat unexpected, given that other economic drivers like government spending, private consumption, and exports have improved. However, private investment has lagged despite significant corporate tax cuts since 2019. So how will this demand affect fiscal consolidation? And will the government heed the call by India Inc? Mint’s senior editor N Madhavan tackles these questions in today’s Mint primer. In Bengaluru, top tech companies like Cognizant, Infosys, and Wipro have seen their office spaces shrink over the past year, reflecting broader changes in the industry. Collectively, these firms ended the previous financial year with a collective 103.2 million sq.ft., a decrease of 3.7% from 107.25 million sq.ft. in FY23. This downsizing has helped bolster profitability amid concerns about the future role of these companies as major employers and leasers of extensive office areas. The contraction in the physical presence of these companies occurs against a backdrop of sluggish growth in the $254 billion Indian IT services sector, Mint’s IT correspondent Varun Sood reports. The industry reported its weakest-ever dollar revenue growth of 3.8% in the fiscal year 2024. This year, the NEET results stirred significant controversy, revealing a major issue in the exam's handling. On the day the results were released, Alakh Pandey of Physics Wallah was engrossed in tallying NEET scores, noticing alarming discrepancies. Saurabh Pant of Sri Gosalites Medical Academy and concerned parents expressed shock at the unusually high scores. A staggering 67 students scored the maximum of 720 points, many from a single centre in Haryana, raising suspicions of potential misconduct. This anomaly led to widespread concern among students and parents, with many taking to social media and planning legal action to address the perceived injustices. The uproar centered around the inconsistency in scores and alleged issues at the testing centers, including delayed start times that led to the distribution of grace marks. The situation escalated as more individuals demanded a re-examination and a thorough investigation into the handling of NEET, emphasising the need for transparency and fairness in the examination process. Mint’s careers correspondent Devina Sengupta, along with legal reporter Krishna Yadav, takes a look at the key figures driving the widespread protests against the alleged discrepancies and injustices surrounding the NEET examinations. Retail investor activity on the National Stock Exchange saw a significant uptick on the day of the Lok Sabha election results. This surge in buying brought their total investments for the first two-and-a-half months of this fiscal year close to the totals for each of the previous two fiscal years. Mint’s markets correspondents Ram Sahgal and Sneha Shah report that this change suggests a shift in investment behavi

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, June 18, 2024. My name is Nelson John. Let's get started: We have no market updates for you today, as the markets were shut on the occasion of Bakri Eid on Monday. Looking for a new property? You might soon be buying from insurance giant LIC. Anirudh Laskar reports that the Life Insurance Corporation of India is looking to sell some plots and commercial buildings. LIC is India's third-largest landlord, and hopes to net at least 6 billion dollars from these transactions. It has properties in marquee areas such as Delhi's Connaught Place and Kolkata's Chittaranjan Avenue. Since these have been with LIC for decades, a sale valuation of the properties will need to be carried out. Anirudh writes that ascertaining the value of these properties seems to be the biggest hurdle for LIC. Additionally, some of these properties are part of litigations against LIC, complicating the sale process. Last week, financial services company 360 One announced its acquisition of ET Money, a direct investment platform. Neil Borate writes that it's a puzzling transaction. Just FYI, 360 One was earlier known as IIFL Wealth. But now that ET Money, a mutual fund investment platform, will come under the ownership of a mutual fund, the operations get murky. ET Money might be incentivised to sell the products of its parent company but the markets regulator Sebi prevents such cross-selling or preferential treatment. ET Money also has a paid feature named Genius, an advisory service used by more than 75,000 people. How will this new acquisition play out under Sebi's regulations? ET Money's founders have maintained that no such conflicts will occur, Neil writes. When the pandemic set in, most industries came to a standstill, and took a while to get back on track. But the logistics sector wasn't one of them. In fact, with everyone stuck at home, more deliveries took place, propelling logistics to another level. Mahindra Logistics, a third-party logistics provider, was a beneficiary of the boom. The company now rakes in an annual revenue of more than Rs 5,000 crore. By FY26, it wants to double that figure. Madhurima Nandy writes that Mahindra's logistics arm is expanding at a dizzying pace to accomplish that. But it has also started a worrying trend: Mahindra Logistics has recorded a net loss for the first time since it listed on the markets in 2017. E-commerce giants like Amazon, Flipkart, and Meesho have beefed up their own logistical arms. How will Mahindra Logistics achieve its targets while maintaining profitability? Madhurima explores the possible answers. Ever since Jet Airways and Go First shut down, flight ticket prices have skyrocketed. But the new civil aviation minister has vowed to control these prices. Is this even possible? Anu Sharma explains that the Indian aviation market is quite seasonal. Fares aren't established or regulated by the central government. But the aviation regulator has a unit that monitors airfares on certain routes to not charge beyond a certain range of prices. The government already had regulated an upper and lower limit on airfares during covid — Anu writes that it might resort to the same measures if prices get out of control during the current peak summer season, when leisure travel is at its highest. The genesis of quick commerce in India was rapid: First there was Zepto. Swiggy's Instamart followed suit. Grofers turned into Blinkit after Zomato acquired it. Dunzo was forced to adapt. Others such as Big Basket also sped up their processes. But a couple of years later, we have a new entrant: Flipkart is ready to roll out its quick commerce arm, reports Suneera Tandon. Flipkart's quick commerce venture would be available in select metro cities in the next few weeks. The company will offer home appliances in addition to groceries. Will Flipkart be able to catch up to its established rivals? To find out, you might want to be ready to download yet another app. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: LIC mega sale: Insurer to sell land, buildings to raise up to $7 billion ET Money’s acquisition by 360 ONE: Should you be worried or excited? After slipping into the red, can Mahindra Logistics execute a U turn? Mint Explainer: Can airfares be regulated? Flipkart's q-commerce entry weeks away, will take on Zepto, Blinkit, Instamart Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, June 17, 2024. My name is Nelson John. Let's get started: Hyundai, the South Korean carmaker, has announced plans to list its Indian unit. The company, which began its Indian journey 25 years ago with the Santro hatchback, aims to raise between $2.5 billion and $3 billion by offering 142.2 million equity shares, representing 17.5% of Hyundai Motor India Ltd.’s post-offer paid-up equity share capital, valuing the subsidiary at $25-30 billion. This proposed IPO could surpass the record set by the Life Insurance Corp of India’s $2.46 billion issue in May 2022, making it the largest in the country’s history. The IPO also aims to address the traditional undervaluation that Korean companies face due to the dominant, often opaque, chaebol structure—a term for large family-controlled business conglomerates. Hyundai's IPO would make it the fourth major passenger vehicle manufacturer in India to be publicly listed, joining Maruti Suzuki, Tata Motors, and Mahindra & Mahindra, as reported by Mint’s autos correspondent Alisha Sachdev. The timing of this public offering is crucial as it coincides with Hyundai’s rival, Tata Motors, making significant strides towards EVs and SUVs, efforts that have helped close the market share gap with Hyundai. Following the recent Lok Sabha election results, which resulted in the formation of a coalition government, bank stocks took a hit due to the perceived political uncertainty. Public sector banks saw sharper declines than the broader market on the results day. While the Nifty 50 index fell 5.9%, the Nifty PSU Bank index dropped about 15%. Although these indices have since recovered, the plunge and subsequent rebound highlight the transformative changes public sector banks have undergone in recent years, thanks primarily due to government decisions. These initiatives have dramatically improved the profitability of these banks. In fiscal year 2023-24, the net profit of the 12 PSU banks exceeded ₹1.4 trillion, a 35% increase from the previous year and a fourfold increase from 2020-21. Our partners at howindialives.com have explained how these PSU banks - the stock prices of which are heavily dependent on policy and regulation - are on an upward trend again. Click on the link in the show notes to check out the charts prepared by howindialives.com. Since the recent election results, foreign investors have been rapidly cutting down their bearish bets on Indian stock indexes, helping the Nifty and Bank Nifty reach new highs. Initially, these investors held a significant number of short positions—essentially betting that stocks would fall. By June 14, they had dramatically reduced these positions, suggesting a potential shift towards betting on stocks to rise, reports Mint’s markets correspondent Ram Sahgal. This substantial change is largely due to increased political stability with Prime Minister Narendra Modi's government continuing. Interestingly, retail and high net worth investors seized this opportunity to cash in by selling their long positions—where they bet on stocks going up—to these foreign investors. Your seafood is in danger, and climate change is to blame. People across the country—from Goa to Kolkata—are finding it increasingly difficult to source fresh fish due to marine heatwaves. Rising temperatures are severely impacting marine life, especially in inland water bodies. Trivesh Mahekar, a fisheries scientist at the Indian Council of Agricultural Research’s Central Coastal Agricultural Research Institute in Goa, told Mint’s Puja Das that an alarming 2-5% of fish populations in lakes and ponds may have perished. Warmer water temperatures reduce dissolved oxygen levels, leading to a decline in fish populations. Fish consumption in India varies widely by region, with the highest intake in states like Karnataka, Maharashtra, and Kerala. While per capita consumption has more than doubled over the past two years, prices have increased exponentially. This deep dive by Puja Das explores the perils facing the fisheries industry and the effects climate change is having on our dietary habits. To address the sharp rise in pulse prices, the Indian government has mandated that major retail chains and online grocers report their pulse stock levels twice a week. These retailers include D-Mart, Reliance Retail, BigBasket, Amazon, and Flipkart. This move aims to improve transparency and prevent price manipulation. Recent inspections by government officials at ports and industry hubs revealed that some major retailers had been neglecting to disclose their stocks as required. In response, the Department of Consumer Affairs updated its stock disclosure portal mid-April to more closely monitor these retailers' stock levels, report Mint’s Puja Das and Dhirendra Kumar. This regulatory step comes at a time when the prices of common pulses such as chana dal, tu

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, June 14, 2024. My name is Nelson John. Let's get started: Equity markets rose on Thursday, with the Nifty up by 0.33 percent and the Sensex edging up by 0.27 percent. After a brief period of volatility, the markets seem to have settled down. Experts told Mayur Bhalerao that the formation of a government and a clear policy directive following the election results have soothed investors. The surge in investor confidence is making stocks more expensive, with 18 percent of the stocks listed on the BSE trading at a premium of at least 25 to 50 percent, compared to their five-year median price-to-earnings ratios. After a brief acid reflux, investors are saying cheers to the markets yet again. The elections demonstrated that the Indian markets can be a real roller coaster ride. Exit poll results buoyed the hopes of investors and propelled the markets to new highs. However, when these polls turned out to be wrong, the markets crashed as results were announced. Typically, the average investor would consider some fundamentals of a stock before investing: the price-to-earnings ratio, quarterly and annual financial results, and sometimes the CEOs of the companies. Vivek Kaul writes that investors should now account for politics in their stock picks as well. While mixing politics and investing ethos isn't the ideal approach, June 4 showed us that some investors still resort to that line of thinking. The Life Insurance Corporation, better known as LIC, which provides life insurance to around 250 million people in India, holds a commanding market share of 61.5 percent. This dominance leaves only five other private health insurers operating in the country. However, LIC isn't content with maintaining its position; it is aiming for an even bigger slice of the pie. To achieve this, it is open to acquiring a private insurance company. Anirudh Laskar reports that LIC is seeking a composite licence, which would allow it to sell both life and non-life policies. If successful in obtaining this licence, LIC plans to buy out one of its competitors, potentially leading to considerable consolidation in the health insurance market, Anirudh notes in his story. With a new government at the helm, you might see more Indian airlines flying international routes. However, this is a two-way street: if a deal is struck with a foreign country to allow a route to India, that country's airlines must also be permitted to operate on the same route. In the past, this has proven tricky. Anu Sharma writes that international airlines have invariably made better use of these routes, and Indian flyers often prefer foreign airlines over Indian ones. Despite these challenges, opening up more bilateral routes will likely reduce airfares, ultimately benefiting customers. However, Indian companies might not gain as much from this increased competition. This year's NEET exam was highly contentious, marred by allegations of arbitrary grace marks and paper leaks that overshadowed the announcement of the results. A record 67 candidates secured the top rank in this year's exam, an unprecedented occurrence in the history of the National Testing Agency, which conducts the exam. The issue reached the Supreme Court, prompting the government to propose a solution: either accept the grace marks or scrap them and conduct a re-test. Krishna Yadav and Devina Sengupta report that students are understandably stressed and coaching classes have voiced the strongest objections to this announcement. These coaching classes, which train millions of kids for competitive exams like NEET, have raised valid concerns about the way this year's exam was conducted. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Markets say ‘cheers’ again after a cocktail of emotions in past week Dear retail investor, here is how to account for politics in your investing LIC looks to buy a standalone private health insurer More rights for foreign airlines: who will fly high? Unease at coaching centres as NEET lands in SC; govt scraps grace marks Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, June 13, 2024. My name is Nelson John. Let's get started: Indian equity benchmark indices, Sensex and Nifty, surged on Wednesday to hit fresh highs, driven by heavyweights RIL, HCL Tech, and HDFC Bank. However, by the end of the session, the indices came off their day's highs and closed with mild gains. N. Chandrababu Naidu was sworn in as the 18th chief minister of Andhra Pradesh yesterday. Naidu’s term begins under challenging conditions, as he inherits a financially strained state that has been largely overlooked industrially. His Telugu Desam Party (TDP), along with its National Democratic Alliance (NDA) partners, secured a sweeping victory, capturing 164 out of 175 seats in the state assembly. During his campaign, Naidu promised to enhance governance and kickstart economic development, aiming to revive industrial activity and generate two million jobs. However, the financial reality of Andhra Pradesh could complicate these plans. The state is grappling with a high debt level—44% of its GDP—and its finances are stretched thin, primarily going towards revenue expenditures rather than building productive assets. This fiscal strain makes the ambitious welfare promises and the revival of the Amaravati capital project, initially estimated to cost ₹50,000 crore, particularly challenging. Mint’s senior editor N. Madhavan explains the challenges Naidu faces as he takes over from Jagan Mohan Reddy as the CM of Andhra Pradesh. During the recent Lok Sabha elections, many voters, especially in urban areas, seemed reluctant to visit their polling booths. The Election Commission highlighted this trend, noting that urban voters were particularly hesitant. Ultimately, only about 65.8% of eligible voters cast their ballots, down from 67.2% in 2019. In some regions like Nagaland and Manipur, turnout significantly decreased, while Jammu and Kashmir saw an increase. Why does this matter? Niti Kiran from Mint’s data team explains through charts and maps. Lower turnouts can sometimes indicate voter satisfaction with the current government, which appeared to be the case in this election. The National Democratic Alliance held more seats in areas with lower voter turnout. However, it's not just about the numbers—it's about who shows up, or rather, who doesn’t. Metros saw a sharper decline in turnout compared to rural regions. Despite this, the overall gender gap in voting was virtually non-existent, similar to the previous election. Women turned out in higher numbers than men in nearly 20 states. The reasons behind voter participation or apathy can vary widely from state to state, influencing everything from local policy to national politics. India is on the verge of significant changes to its organ transplant policies, aiming to address the massive shortfall between the supply and demand of organs. The Union government is considering allowing organ exchanges between unrelated individuals to bridge the gap when blood groups within families do not match, potentially shortening the long wait times endured by patients. Currently, India sees a stark contrast between the need and the actual transplants performed annually, with only 6,000 kidney transplants against a requirement of about 200,000, and even fewer heart transplants, with only 10 to 15 done yearly. One significant move under consideration is the introduction of "swap" donations, where families could exchange organs with one another if they are compatible, a practice currently not allowed for non-relatives. Additionally, the government is in talks with the insurance regulator to extend health insurance coverage to organ donors, who are presently excluded from most health insurance plans. Mint’s Priyanka Sharma reports. India’s economy is showing signs of resilience in the early part of fiscal year 2025, with industrial activity picking up and retail inflation slightly easing. Mint’s Rhik Kundu reports that inflation dipped to 4.75% in May, the lowest in a year, aided by slower increases in food prices. Despite this, food inflation has consistently stayed above 8% since November, largely the result of uneven and below-normal monsoon rains in 2023, which hit India’s crop production. The Reserve Bank of India has maintained the repo rate at 6.5% since last February, cautiously waiting for inflation to stabilize closer to its 4% target before considering any rate changes. On the industrial front, output rose by 5% in April, supported by growth across the manufacturing, mining, and electricity sectors. Consumer durables saw a particular surge, likely boosted by rural spending and seasonal purchases. Boeing, the US aerospace giant, is on a mission to regain trust following several unsettling incidents involving its planes. Recent problems, such as the uncontrolled decompression on an Alaska Airlines flight and stuck rudder pedals on a United

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, June 12, 2024. My name is Nelson John. Let's get started: The equity markets remained flat on Tuesday, with no major gains or losses across any market indices during the trading session. The financial year 2023-2024 was largely forgettable for information technology (IT) stocks. Revenues were low across the board, leading to muted stock prices for companies such as TCS, Infosys, and HCL Tech. Mint correspondent Harsha Jethmalani notes that the situation isn't expected to improve in the current financial year. The revenue guidance for these companies is bleak, with growth expectations of just 1 to 3 percent. If you hold IT stocks, Harsha's detailed analysis is a must-read. Now that the portfolios have been allocated, the real work begins. The new government must reconstitute the parliamentary committees that are the backbone of India's policymaking process. Subhash Narayan, Manas Pimpalkhare, and Rituraj Baruah report that major parliamentary panels, such as finance, IT, and defence, are likely to retain their current heads to maintain policy continuity and ensure a quick rollout of reforms. Each ministry has a parliamentary committee that plays an advisory role in policymaking. Those concerned about big-ticket reforms slowing down due to a coalition government might find reassurance in this story. Early last year, there was much celebration as scientists discovered high reserves of lithium in Kashmir. The Geological Survey of India found about 5.9 million tonnes of the precious metal. Lithium is crucial for many sectors, including infrastructure and electric vehicle batteries. However, the initial excitement has since died down. Sumant Banerji notes that one concern is the location of these reserves — just 50 kilometres from the Pakistan border. Additionally, such discoveries take a long time to realize, potentially decades before mining can begin. Despite this, lithium is the future, and corporate India remains eager to win bids for these mines. While the response is currently lukewarm, Sumant writes that interest will increase as the mines become more viable for exploration. Online shopping has become an integral part of our lives, leading to many malls shuttering and others struggling to survive. However, real estate developers remain optimistic about brick-and-mortar stores. Madhurima Nandy reports that the organized retail space is poised for a significant upsurge, with around 45 million square feet set to be added by 2028. Despite the closure of smaller malls, larger ones are thriving with better occupancy rates and increased footfall. If you live in the National Capital Region, Hyderabad, or Chennai, expect to see more retail stores popping up near you. Here are some movie names for you: All We Imagine As Light, All That Breathes, Agra, and Kennedy. What's common between them? They're all international film festival-winning movies from India. You know what else is common? You probably haven't seen them. The Indian cinema industry has made it difficult for these movies to get a theatrical release in the country. Lata Jha writes that such movies need to spend at least 3 to 4 crore rupees on marketing — a budget they can't afford. Even if they receive international acclaim, some might make it to theatres but only in major metro cities. It's an unfortunate development, as the industry has shifted to a model focused on maximizing profits, leaving indie movies out of the ecosystem. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: IT companies' revenue revival seen delayed to FY26 After government formation, focus now on parliamentary committees No white gold rush: Why interest in Kashmir’s lithium reserves is lukewarm Why developers are shopping for offline retail Festival favourites struggle for screen time in Indian cinemas Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, June 11, 2024. My name is Nelson John. Let's get started: Indian benchmark indices closed in the red on Monday, ending a three-session streak of gains. The Nifty fell by 0.13%, while the Sensex dropped by 0.27%. India's IT giants, Tata Consultancy Services (TCS) and Infosys, have seen a significant decline in their younger workforce over the past couple of years. According to an analysis by Mint’s IT correspondent Jas Bardia, the share of employees under 30 at TCS has decreased from 59% in FY22 to 50.3% in FY24. Similarly, Infosys has seen a drop from 60% to 55% during the same period. This trend is not due to AI replacing jobs but rather the IT sector's slowdown in hiring following a period of subdued growth. Analysts note that both companies, along with others like Cognizant and Wipro, have a substantial portion of their workforce based in India. TCS and Infosys are particularly transparent about their younger employee demographics. Just last week, Nvidia briefly surpassed Apple to become the world's second most-valuable company, reaching a market capitalization of $3.01 trillion. This milestone left Nvidia's CEO and shareholders in high spirits but also raised concerns among analysts about the company's future trajectory. What's behind Nvidia's meteoric rise? According to Mint’s Shouvik Das, it's all about AI. As AI technology like OpenAI's ChatGPT gained prominence, Nvidia's GPUs, for long a favourite among gamers, became essential for major companies globally. This surge in demand has placed Nvidia in a favourable position—its chips are now on a years-long waitlist, allowing the company to set premium prices. India is on the brink of a significant boost in international air travel. The government is considering greenlighting more international flights due to a surge in demand, sparking a mix of reactions within the aviation industry. Akasa Air and several foreign airlines are in favour of increasing flight rights, but Air India is strongly opposed. Discussions, which began pre-election, are focusing on potential increases to destinations where flights are already at capacity, such as Dubai and Qatar. This could lead to more air traffic and more options for travellers. However, the impact on Indian carriers is a major concern. While newer airlines like Akasa are eager for the expansion, fearing that limiting flights will lead to skyrocketing airfares, Air India worries that it might hinder their growth and plans to become a major global hub. Airlines like Emirates and Saudia are also pushing for more access, arguing that the current caps no longer reflect the growth in air travel demand, especially from the booming Indian diaspora. Mint’s aviation correspondents Anu Sharma and Mihir Mishra report on the evolving landscape of Indian aviation. Maniraj Pattamsetti, a mechanical engineering graduate from Bengaluru, hoped Simplilearn Solutions' job guarantee programme would be his gateway to a new career in data science. Despite investing over ₹2 lakh and completing a six-month course, Pattamsetti found himself working a customer support role in a BPO, earning far less than promised, without any job offers in his field of study. Simplilearn, valued at $600 million and backed by Blackstone, had assured Pattamsetti and others a job with a minimum salary of ₹5 lakh per year post-completion, with a full refund if they failed to secure employment. However, two years later, only 271 out of 900 enrollees landed jobs through the programme. Many, like Pattamsetti, feel cheated, having invested significant amounts into an education that didn't pay off as expected. Mint’s startup correspondent Samiksha Goel reports on the situation, which has led to numerous complaints, with some students considering legal action against Simplilearn. The company, however, has stopped the programme and moved on, leaving many students grappling with debt and disappointment. This scenario underscores the challenges within the edtech sector, where aggressive sales tactics and over-promising can lead to significant consumer dissatisfaction. As Xiaomi marks a decade in India next month, the tech giant remains undaunted by the Indian government's cautious stance towards Chinese companies. In an interview with Mint’s tech correspondent Shouvik Das, Xiaomi India's President, Muralikrishnan B, outlined the company’s ambitious three-year strategy to solidify its brand presence and enhance local manufacturing efforts.Despite past market dominance, a recent sales dip has spurred Xiaomi to implement a robust recovery strategy. This includes revamping its image in the premium segment, enhancing its ecosystem of devices, and balancing sales across online and offline platforms. In an industry where local sourcing and manufacturing are increasingly crucial, Xiaomi claims that nearly half of its non-semiconductor compo

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, June 10, 2024. My name is Nelson John. Let's get started: The markets are still recuperating from the bloodbath from election results day. However, it wasn't so bad for all of them: Ram Sahgal writes that retail investors, who buy and sell shares directly, outsmarted the broader market. Instead of buying while the markets were rising prior to the results, retail investors sold heavily. These stocks were bought by foreign portfolio investors, as well as mutual funds. When the market tanked by nearly 6 percent the following day, retail investors were fairly safe, while the other sets of investors were left holding the losses. This was a rare case of the average investor outsmarting larger, institutional investors, Ram writes. Public sector utility stocks have continued to fare poorly since the election results were announced. The formation of the coalition government has exposed these PSUs to certain risks. As Manish Joshi points out, the coalition members would have opinions about sensitive issues such as the price of fuel and electricity. These decisions may be taken to placate the political partners — but might not be fundamentally sound for the businesses. Subsidised rates in electricity, in particular, are concerning. Investors might steer clear of these stocks until the new government is established and takes some policy decisions. Corporate India always waits to see which sectors get a boost after a new government is formed. This time around, consumer goods companies might have some reason to cheer: a post-election analysis by brokerage firms says that the new government is likely to roll out "pro-consumption initiatives". Suneera Tandon writes that this could provide a boost for FMCG stocks. The central weather department has predicted that India will see a normal monsoon this year — another positive sign for these consumer goods companies. FMCGs have had a rough couple of years, owing to increasing prices due to inflation. On their part, FMCGs are investing heavily in improving their distribution networks to improve their revenue, notes Suneera. In India, the heart of the jewellery market is the wedding market. In its early days, Tanishq didn't exactly understand that: much of its marketing was aimed at a different target market. The jewellery business in India is worth some 50,000 crore rupees — but Tanishq was only pulling in a revenue of about 500 crore rupees. CK Venkatraman, ex-COO of Tanishq, details how the company went from this feeble income to the behemoth it is today. Venkatraman writes it in his own words in his book titled "The Tanishq Story", an excerpt of which we have published. Movie ticket prices have slowly been creeping up. Once in a while, you'll notice that tickets are available for a flick you want to watch — but they cost an arm and a leg! That's because movie theatres in India are increasingly turning premium. Multiplex chains insist on creating fancy infrastructure for movie theatres, while theatres in tier 2 and 3 cities have been dying for a few years. This contrasting trajectory means that the common man is being priced out of going for movies. Lata Jha takes a deep dive into the cinema industry, and writes about its developments — both the good and bad. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Retail investors outplay FIIs, MFs on 4 June Will PSUs lose their thunder in Modi 3.0? Brokerages see likely gain in FMCG stock with BJP’s return to power How Tanishq broke into the bridal jewellery market in India Luxury-format cinemas: Where tickets cost an arm, and popcorn, a leg Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, June 7, 2024. My name is Nelson John. Let's get started: Indian benchmark indices closed higher for the second day running, buoyed by progress on the formation of a new government by Narendra Modi-led NDA alliance. Both Sensex and Nifty gained almost one per cent on Thursday. With the Bharatiya Janata Party led by Modi securing a fractured mandate, India's back to coalition politics. So, what does this mean for the big reforms we've been hearing about? Mint’s Sumant Banerji explains in today’s Primer. Well, green energy reforms like renewables and electric mobility are likely still on the menu. Modi himself has been big on green energy, talking it up in his post-election speech. We've already seen initiatives like the Production-Linked Incentive schemes boosting local manufacturing of EVs and lithium cell batteries. Expect more of these sector-specific perks to roll out, including the next phase of the Faster Adoption and Manufacturing of Electric vehicles (FAME) scheme. But what about the sticky issues of labor and land reforms? These have always been tough nuts to crack, and with a coalition, don't expect any sweeping changes soon. Speaking of reforms and policy decisions that could be put on hold as a result of a coalition government, the BJP might have to give up on its ambitions of introducing a nationwide Uniform Civil Code. Key coalition partners, including the Telugu Desam Party (TDP) and the Janata Dal (United) or JD(U), have expressed their opposition to the UCC, Mint’s Dhirendra Kumar reports. The proposed UCC aims to standardize personal laws across all religions in India, addressing marriage, divorce, and inheritance with a single legal framework. However, the nuanced victory in the elections means the BJP must rely more heavily on its allies, making contentious legislation like the UCC difficult to advance. Soon, navigating from Google search results directly to a hotel’s website or Google Maps might become a thing of the past. This change stems from the proposed digital competition bill aimed at putting a stop to anti-competitive behaviours. This proposed bill is about stopping companies from mixing personal or business user data across different services without clear user consent. It also talks about ending 'self-preferencing'—which means a platform can't push its own services in search results. Mint’s senior editor Gireesh Chandra Prasad spoke to industry experts who believe the law intends to enhance market competitiveness and benefit consumers. However, there's concern that broad prohibitions could backfire, diminishing user experience and product effectiveness. For instance, due to these restrictions, users might soon find themselves taking multiple steps to transition from a Google Search result to Google Maps. Bollywood is hitting the pause button on new projects as the industry grapples with skyrocketing star fees and unpredictable audience tastes. Despite a 20% surge in actor fees post-pandemic, the returns aren't matching up, with several high-profile films flopping at the box office. Big names like Salman Khan and Ranveer Singh are seeing projects stall or fall apart, indicating a deeper malaise in the industry. Cost concerns are forcing some ongoing projects to seek tax rebates by filming in specific locations, while others are slashing marketing budgets to keep expenses in check. A significant challenge lies in the reluctance of stars to accept revenue-sharing models, opting instead to wait out the storm with income from endorsements and social media, rather than lowering their fees. Mint’s media and entertainment correspondent Lata Jha reports on the delay the Hindi film industry is facing with new releases. On June 4, the day election results were announced, investors showed evident fear of a coalition government forming at the centre. With the Bharatiya Janata Party's decade of dominance potentially giving way to coalition politics, market jitters have surfaced, but experts argue that investor panic might be exaggerated. The term ‘coalition’ often triggers fears of fiscal irresponsibility due to the complex dynamics of coalition governance. However, it's worth noting that some of India's most significant economic reforms have emerged under coalition governments. These include the economic liberalization initiated by P.V. Narasimha Rao, the Fiscal Responsibility and Budget Management Act under Atal Bihari Vajpayee, and the Mahatma Gandhi National Rural Employment Guarantee Act during Manmohan Singh’s administration. These historical precedents suggest that coalitions can indeed facilitate substantial economic reforms. Mint’s Abhishek Mukherjee examines what a coalition government could mean for the stock market and how the third Modi government may requisite some tweaks in your portfolio. We'd love to hear your feedback on this podcast. Let u

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, June 6, 2024. My name is Nelson John. Let's get started: After suffering the worst crash in four years, the Indian equity markets bounced back yesterday to recoup some losses recorded on Tuesday. Nifty and Sensex rose around 3.2% each. The last three have been a roller coaster for investors. Why have they been reactionary and jittery? Ram Sahgal has the answer: BJP being unable to secure a simple majority on its own has spooked investors. They feel that the new NDA government will have to resort to populist measures in order to effect some damage control. This could potentially delay major infrastructure projects like new airports or bullet trains, making market participants unhappy. Ram explains that future market movements will likely be based on which politician gets which ministry in the new government. Like the broader market, Tech Mahindra too rose more than two percent yesterday. But a broader look at its share price and financials would have any investor worried. The IT company's net profit crashed by more than 40%, while revenue declined too. While the overall picture for the IT sector looks grim, Tech Mahindra, in particular, seems to have borne the worst of it. Still, it's not a small company with a total revenue of more than $6 billion. But for Mohit Joshi, this situation provides an opportunity. Joshi took the reins of the company in December 2023. He wants to transform Tech Mahindra into an upper-tier IT company that competes with TCS and Infosys. As Shelley Singh outlines, this is easier said than done. Joshi has his work cut out for him, but the only way for Tech Mahindra is up. One of the main issues in this year's general elections was jobs — or the lack thereof. Creating new jobs should be a central focus of the new government. Devina Sengupta writes that two-thirds of Indian citizens are now under 35 years old. This statistic means that the ongoing job crunch will only worsen as more of India comes of working age. Analysts told Devina that the focus needs to be on higher-paying jobs and getting small and medium businesses to hire employees on a larger scale. Tier 2 and beyond cities especially have immense scope to create and localise jobs, they added. Lastly, a concerted effort needs to be made in the labour market, which is dominated by migrant workers. It's a tough task ahead that will almost immediately assume importance for the new government. If you've been in the market for earphones, it's tough to look past Boat. The electronics company, which started with audio and then moved into wearables, provides a tonne of cheap options for earphones, speakers, and smartwatches. As Sowmya Ramasubramanian and Samiksha Goel write, the company transformed the domestic market for wearables by unleashing an affordable range of products. But now, you have plenty of other options in the same segment, lowering Boat's market share. Now, the company plans to reset its focus to audio, a segment providing 80 percent of its revenue. It's going to take a step back in the wearables segment to assess its options, according to Sowmya and Samiksha's report. For the longest time, a small car in India usually meant a Maruti Suzuki. The 800, Alto, Zen, Swift, Wagon R... the list goes on. But the winds of change have reached the country's biggest carmaker. Alisha Sachdev reports that Maruti Suzuki will now shift its focus to bigger cars. There's a very good reason for this: every other car sold today in India is an SUV. Maruti wants to strengthen its presence in the SUV, EV, and hybrid segments moving forward. This will also see Maruti dip out of sedans too, a segment where it's only been selling the Ciaz and the market-leading Swift Dzire. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Why markets will remain volatile until the new govt is formed Can Mohit Joshi catapult Tech Mahindra into the big league of Indian IT? New government must focus on jobs, get more women to join labour force boAt helped make smartwatches affordable for Indians. That’s now come to bite it Maruti Suzuki begins portfolio revamp strategy Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, June 5, 2024. My name is Nelson John. Let's get started: The people have spoken. Results of the 2024 General Election are here, and the Bharatiya Janata Party-led National Democratic Alliance is set to form the government at the Centre. This time, however, no single party got an absolute majority. Far from the centre’s seat of power in Delhi, Dalal Street in Mumbai saw a milestone day. The last two days have been a rollercoaster ride for the Indian markets. The markets, which were soaring a day before results - on the back of a strong comeback predicted for the BJP by pollsters - saw a day of bloodbath on Tuesday. Investors lost more than ₹31 trillion on Tuesday as benchmark indices plunged. Both Nifty and Sensex saw a fall of close to 6 per cent - the biggest since the first pandemic-induced lockdown was announced on March 23 2020. Mint’s markets correspondent Ram Sahgal reports on the biggest market crash in four years. Coalition politics is back. A decade after the BJP won a majority on its own for the first time, NDA - the coalition led by it, is seeing a comeback to power. Narendra Modi is set to become the Prime Minister for a third straight term. While the NDA’s tally of about 290 is nowhere close to the government’s call for “400 paar”, the coalition made a dent in key southern states. The BJP finally breached Kerala, winning one seat in the state. In Tamil Nadu, the BJP failed to open its account but saw its vote share rise to 11% from earlier 3.7%. The opposition INDIA bloc is likely to secure 234 seats led by the Indian National Congress, which has nearly doubled its strength in Parliament to 99 seats. The crown jewel of the BJP’s electoral victories in the past - Uttar Pradesh - favoured the opposition alliance over the BJP. The Congress and the Samajwadi Party-led INDIA bloc outnumbered the NDA by 43 to 33. Modi’s BJP also broke into new territories in the east - notably Odisha, where it not only swept the Lok Sabha election but also closed in on a majority in the state assembly. The results also imply that Modi will now have to rely on his allies - mainly TDP’s Chandrababu Naidu and JDU’s Nitish Kumar - for a stable government at the centre. Mint’s Sayantan Bera and N Madhavan report on the results of the world’s largest election. N Madhavan also explains the verdict of 2024 in today’s Mint Primer. From a setback for the BJP in the heartland states of Rajasthan and Uttar Pradesh, to the return of regional parties, the 2024 verdict was full of surprises. Despite holding 206 public meetings and rallies over the course of the last 45 days, it became evident that Modi’s magic too has its limits. The Lok Sabha will also boast of a stronger Opposition - something that was missing for a decade. Another insight from the verdict is how inaccurate exit polls can be. Most of the pollsters missed the mark massively this election. As the BJP-led NDA appears set to continue its tenure with a reduced majority, industries across India are looking forward to policy stability and the extension of current incentives. The technology sector is particularly focused on advancing India's semiconductor capabilities, enhancing AI regulation, and implementing crucial digital laws such as the Digital Personal Data Protection Act and the upcoming Digital India Bill. Meanwhile, the telecom sector anticipates the enactment of new rules under the forthcoming telecom bill, along with potential tariff revisions. The aviation industry hopes for the establishment of global aviation hubs, and a reduction in jet fuel taxes to improve operational economics. There's also a significant focus on incentives for electric vehicles and regulations affecting fuel economy and emissions, which are crucial for the road transport sector. Gulveen Aulakh takes a look at the expectations of major industrial sectors from the upcoming government at the centre. Yesterday's results had one outstanding result: that the BJP would not be able to form a government on its own. We invited Surjit Bhalla, economist and author, to opine on this historic result. Bhalla writes that no exit poll got this election right — especially the rise of the INDIA coalition. UP, West Bengal, and Maharashtra stood out for the new age coalition group. Bhalla also writes that the lower turnout could have hampered the NDA's chances at a greater majority. Lastly, he writes that this election is a victory for many stakeholders, but none bigger than the one for the average Indian voter, who has made their voice resonant. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Slender win for NDA queers pitch for street, investors lose ₹31 trilli

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, June 4, 2024. My name is Nelson John. Let's get started: The markets surged on Monday, after every exit poll predicted the BJP to come back to power. Nifty was up 3.25 percent, while Sensex surged by 3.39 percent. Experts told Ram Sahgal and Dipti Sharma that the markets could still zoom by 2 to 3 percent today if the BJP wins 400 or more seats. However, some of them advised caution: this sudden uptick could mostly be attributed to the election resultsn, but the highs may not last too long if investors start quickly booking their profits later in the week. While the stock market is already seeing a huge push, what about India's economy? The world's fastest growing economy needs some energy to sustain the run it is on. N. Madhavan writes that a third term with a stable government at the helm can bring about policy changes and unleash new reforms that could accelerate India's growth. While the infamous GST has finally settled into India's economic framework more than seven years after it was introduced, other areas like labour, land, and agriculture need to be relooked at by the next government. It's simple enough to say that the next government "has to fix the economy". It's a broad target, and one that is understandably difficult to achieve. Our partners at howindialives.com list out some other challenges that need fixing: joblessness, private capital expenditure, and exports to name a few. Along with these ideas, they add some charts to show the potential that India has in excelling in these fields, but there's still work to be done. In particular, this story notes that a determined government could help India and its economy reach its full potential. It's time to say good bye to Vistara: by the end of 2024, the Tata Group plans on shuttering the Vistara brand. Anu Sharma reports that the Tatas plan on starting 2025 with just two main brands: Air India, and Air India Express, its low-cost counterpart. After a lengthy process, the Tata Group won the ownership of Air India in 2022 — welcoming the airline it had first started. It had planned to integrate all three of its brands: Air India, Vistara, and Air Asia into a simplified version, which will now just have Air India and AI Express in around 8 months. Conducting the world's biggest exercise in democracy is not a simple feat. The polling, which lasted for 7 phases across 44 days, finally came to an end last week. But the preparation for these 44 days begins months in advance. Krishna Yadav presents an on-ground report on how difficult it is to organise such a humongous activity for millions of voters across the length and breadth of India. He travels from Delhi to Himachal Pradesh, and speaks to prior and current officials in charge of making sure that every India can try and cast their vote. From security to routes to the voting ink, read this story for a great overview of how difficult the entire process is. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. That’s all for today. Thank you for listening. Show notes: Market to take cues from surprises to exit poll results Will the poll give India’s economy another boost? The five big economic challenges before the new government Air India to operate as merged entity from 2025; no Vistara brand by year-end How Election Commission orchestrated the ‘big fat Indian wedding’ Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, June 3, 2024. My name is Nelson John. Let's get started: 2024’s marathon seven-phase elections finally came to an end on Saturday, with voters across 57 constituencies exercising their democratic rights. In just 24 hours, elections officers across the country will start counting votes that will decide the future of India. The pollsters, however, have already spoken. Almost all of the exit polls predicted a sweeping victory for the BJP-led National Democratic Alliance , and along with a third term for Prime Minister Narendra Modi. Buoyed by the poll predictions, market experts expect Nifty to surge by 2.5-3% when markets open today. This expectation is leading to a scramble among foreign institutional investors and proprietary traders to cover short positions, anticipating the NDA securing well over the expected 300-310 seats. Exit polls predict around 350 seats for the NDA, with some forecasts even suggesting as many as 400 seats. This is likely to boost market sentiment as it solidifies expectations of continued policy and fiscal stability. Mint’s markets correspondents Ram Sahgal and Dipti Sharma report the bullish sentiment among traders on D-street on the eve of election results. Artificial intelligence systems, often compared to "black boxes," work in complex ways that are hard to explain. Like the human brain, they process information through multiple layers but, unlike humans, their decision-making paths are not easily traceable. This makes it difficult to understand why an AI makes certain choices, such as a self-driving car failing to stop for a pedestrian. To address these challenges, the field of explainable AI or XAI aims to make AI decisions more transparent and understandable. Mint’s senior editor Leslie D’monte explains the emergence of this new field, which involves developing methods to clarify AI processes, auditing these decisions, and implementing regulatory measures to ensure accountability. Companies like Google, Microsoft, and IBM, alongside research institutions and government bodies, are actively working on XAI technologies. India's external debt, at 18% of its GDP, is relatively low among G20 countries, as pointed out by Finance Minister Nirmala Sitharaman. However, to fully understand what India owes to other countries, it's better to look at the International Investment Position, which covers all foreign financial assets and liabilities. This includes the country's reserves and any domestic assets owned by foreigners, such as investments and loans. India's net international investment position is negative, meaning the country owes more to the rest of the world than it owns in foreign assets. This debt increased from 60 billion dollars in 2003 to 396 billion dollars in 2023, rising from 9.9% to 11.1% of its GDP. This status places India among countries that owe more internationally than they possess, writes Deepa Vasudevan. In India, the services sector is taking the lead when it comes to starting new businesses. Out of nearly 16,000 firms that popped up in April, 72% were in services, while manufacturing tagged along at 15%. That’s what the latest data from the Ministry of Corporate Affairs tells us. This isn't just a one-off thing; services have been dominating the new business scene for a while. As of April this year, 65% of all active companies in India were in the services sector. That's a jump from 61% back in 2015. Throughout the last financial year, the services sector consistently claimed 70-72% of all new business registrations each month, dipping slightly to 69% in April 2023. So, what kind of services are we talking about? Well, it's a broad mix—everything from schools and hospitals to fitness centers and professional associations. Mint’s senior editor Gireesh Chandra Prasad reports these numbers. India’s savings landscape is seeing a potential shift, claim economic analysts. After years of decline, financial savings—like cash, bank deposits, and investments—might actually be on the rise. In 2011-12, these savings were 7.4% of our GDP, but by 2022-23, they dropped to 5.3%. Now, Goldman Sachs and Crisil suggest we might see these savings bump up to 6% of GDP for 2023-24. What's driving this? Even though our economy grew by 8.2% last year, it looks like households might be tightening their belts, possibly boosting their savings as private consumption cools down. But what does this mean for the economy? Normally, if folks are saving rather than spending, it's not great news for economic vibrancy. However, these savings do provide essential funds for businesses to invest and grow, so it’s not all doom and gloom. Looking at the broader picture, India’s total savings rate, which combines savings from households, businesses, and the government, dipped from about 35% of GDP in 2011-12 to 30% by 2022-23. But for the current fiscal year, it's e