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, September 6, 2024. My name is Nelson John. Let's get started. Indian equity markets fell for a second consecutive day on Thursday. The benchmark Nifty index was down 0.21 percent, while Sensex dropped 0.18 percent. Concerns are growing over the possibility of a US recession, with rising unemployment rates and inflation serving as key indicators. However, as N. Madhavan points out, the US GDP growth remains strong despite these warning signs. Some economists suggest a potential soft landing, where inflation is controlled without leading to a full-blown recession. In his primer, Madhavan explores these scenarios and their potential impact on India. The market has seen a frenzy of SME IPOs, with many getting oversubscribed by over a thousand times, despite warnings from regulators about potential malpractices. Some of these could soon become penny stocks. Aprajita Sharma highlights the warning signs investors should be mindful of, noting that SME stocks, with their relatively low market cap, are more susceptible to manipulation. In her story, she emphasizes the importance of thorough research to avoid falling victim to promoters looking to offload their holdings at inflated prices.Change is indeed afoot in Bollywood, with actors becoming more selective about projects they take on. Many are opting out of films that may not resonate with today’s post-pandemic audience, industry insiders told Lata Jha. Biopics and dramas, once staples of the big screen, are now increasingly seen as better suited for streaming platforms. A notable example is Ayushmann Khurrana stepping away from a Sourav Ganguly biopic. So, what’s driving this shift? While the rise of the OTT industry plays a major role, the evolving dynamics of the film industry run deeper. Audiences have raised their expectations, and stars are adjusting by being more cautious about their choices. This year is proving highly lucrative for lawyers as India's top law firms engage in an intense competition for talent. With retention and discretionary bonuses, faster paths to partnership, and larger salary hikes on offer, firms are pulling out all the stops to retain their best employees. Leading law firms are even bringing in consultants to overhaul their compensation structures. Neha Joshi and Devina Sengupta spoke to insiders who revealed that firms are incentivizing talent primarily through two strategies: offering a quicker path to partnership and enhancing performance-linked incentives. Law firms typically have two types of partners—equity partners, who generate business and receive a share of the firm's revenue, and non-equity partners, who are paid a fixed salary with bonuses. The latter group is now the main focus of these efforts. Diageo, the world’s largest spirits company, plans to invest $100 million in the Indian market over the next three years, aiming to expand its portfolio of premium spirits. Over the past decade, Diageo has already poured around $3.5 billion into India, focusing on expansion, acquisitions, and investments in cricket properties such as the Indian Premier League. Varuni Khosla and Suneera Tandon report that the company now plans to introduce "craft spirits" for both domestic and international markets, seeking to further boost its dominant market share. Show notes: Mint Primer: The chances of a US recession and its impact on India SME IPO frenzy: The red flags that investors shouldn't ignore Talent War in Legal Sector: Firms Boost Pay and Partnership Opportunities Bollywood sees flight to safety as moviegoers raise the bar Diageo to invest $100 mn to craft new products in India, says top boss 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, September 5, 2024. My name is Nelson John. Let's get started. Indian equity markets fell on Wednesday. The benchmark Nifty50 index was down by 0.32 percent, while the Sensex dropped 0.25 percent. Just a few years ago, dining out was a special occasion—something you did to celebrate or treat yourself. Then the pandemic hit, and if you didn’t feel like cooking, ordering in became the only option. This shift fundamentally changed consumer behaviour, particularly for fast-food diners. Suneera Tandon and Varuni Khosla report that quick-service restaurants like Domino’s, McDonald’s, and Pizza Hut are now struggling to draw customers back to their outlets. Dine-in sales remain under pressure, while competition in the delivery space has intensified. To entice customers off their couches, these chains are offering discounts and promotions to boost in-store demand. Tata Motors launched its popular EV, the Nexon, in 2020. Early buyers may now be considering selling their first-generation green cars. Alisha Sachdev brings encouraging news: the resale value of Indian EVs is outperforming their global counterparts. However, EVs still depreciate faster than petrol and diesel vehicles. Despite this, Alisha notes that as the EV market continues to mature and the availability of used electric vehicles grows, this depreciation gap is likely to shrink, potentially making electric mobility more accessible and appealing to a wider range of consumers. India’s festival season, kicking off in early September and culminating with Diwali sometime in November, is a critical period for e-commerce players. It's traditionally marked by a surge in offers as consumers' buying appetite increases. This year, India’s quick commerce sector is taking on e-commerce head-on during this busy time. Zomato is expanding its "dark stores" and introducing more consumer electronics categories to meet festive demand, while Tata-owned Big Basket has ventured into selling large appliances. Sowmya Ramasubramanian and Suneera Tandon report on the trend. Pharmaceutical companies have long been criticized for their aggressive marketing tactics aimed at doctors. A prime example is Dolo-650, which became the most prescribed drug during the pandemic in 2020. By 2022, however, Dolo’s manufacturer, Micro Labs, was facing scrutiny from the tax department for allegedly offering ₹1,000 crore in freebies to doctors to promote the pain and fever reliever. Now, the government is tightening its focus on such ethically questionable practices, writes Priyanka Sharma. The Department of Pharmaceuticals, under the Ministry of Chemicals and Fertilizers, has mandated that companies disclose details of their spending on free samples, conferences, workshops, and other promotional activities, including specifics on sample distribution, event expenses, and recipient information. The brutal rape and murder of a junior doctor at Kolkata’s RG Kar Medical College on 9 August shocked the entire nation. The capital of West Bengal—currently the only state led by a woman chief minister—has since been gripped by protests and unrest following the horrific crime. Mamata Banerjee, who has led the West Bengal government for 13 years and been an active politician for over four decades, now faces perhaps the toughest test of her career. Despite a history of leading protests against the state’s previous Left regime, this tragedy has emerged as her most significant challenge yet. Mint's Romita Datta delves into how the Kolkata rape and murder has become a defining moment in Mamata Banerjee’s political journey. Eating at a fast-food outlet may be a better bargain than ordering in EV resale value improving in India—but still less attractive than ICE siblings It’s e-commerce versus quick commerce this festive season Govt targets drugmakers offering freebies to doctors to promote their medicines Bengal: Mamata Banerjee, who wrote the book on protests, faces her biggest 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, September 4, 2024. My name is Nelson John. Let's get started. Indian equity markets were little changed on Tuesday, with benchmark indices Sensex and Nifty moving less than 0.01 percent during the day. Seventeen-year-old Sheetal Devi, an armless Indian Paralympian archer, has captured the world's attention by scoring a perfect 10 earning a bronze medal at the Paris Paralympics 2024, using her foot, jaw, and shoulder with remarkable precision. Her achievement underscores a significant advancement in tech for Paralympians. Leslie D'Monte writes that Devi's success is part of a broader narrative of technological evolution in Paralympic sports. From rudimentary equipment to today's customised, high-tech aids like 3D-printed prosthetics, Paralympics have come a long way. This ensures fair competition, and showcases incredible human spirit and determination. India is currently at 15 medals in these Games — watch out for a better tally in the days to come. At R-I-L's annual general meeting last week, Mukesh Ambani formally announced the merger of JioCinema and Disney+ Hotstar. This deal has stirred unease among producers and content creators, who fear it could lead to a market monopoly. With one fewer player in the market, their bargaining power is diminished, and the commissioning of new shows and films may decline. Lata Jha reports that Disney+ Hotstar had already been slowing down on commissioning new content. Despite these concerns, some media experts see potential benefits in the merger. It turns out you can have your brownie and eat it too. The sale of Theobroma Foods is nearing its final stages, reports Ranjani Raghavan, drawing strong interest from private equity firms like Bain Capital, Carlyle Group, and Chrys Capital. The sale, initiated by its major private equity partner ICICI Venture, involves offloading a 42% stake. The patisserie brand is valued at ₹2,800 crore, with an asking price slightly higher by a few hundred crores. IT companies are making it clear they want employees back in the office. LTI Mindtree has revised its leave policy to deduct a quarter-day of leave for each day an employee misses office, reports Jas Bardia. This policy categorizes employees into three groups based on their work requirements: those required in the office full-time, those working at client locations as needed, and those on a hybrid model. Hybrid employees must come to the office at least two days per week, with total leave deductions capped at 1.5 days per month. Jas notes that employees are generally receptive to the change, viewing it as the formalization of previously understood expectations. Currently, the minimum limit for starting an SIP is ₹500. Sebi chief Madhavi Puri Buch has proposed reducing this to ₹250—a 'micro SIP,' if you will. The move aims to democratize wealth creation and cater to small investors, including rural residents and daily wage earners, writes Abhinaba Saha. However, mutual fund houses see micro SIPs more as charitable efforts, citing operational challenges and low profitability in managing numerous small transactions. 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, September 3, 2024. My name is Nelson John. Let's get started. Indian equity markets set another record on Monday, with the Nifty rising by 0.17 percent and the Sensex gaining 0.24 percent. This marks the thirteenth consecutive trading session where the markets have closed in the green. Last week, the Securities and Exchange Board of India proposed a major regulatory change for stock brokers, requiring them to implement a payment mechanism that blocks funds for trading in the secondary market. Mint’s Neha Joshi explains that this type of block mechanism, where investors set aside money for transactions, enhances security while allowing them to earn interest on the funds held in their accounts. Ever encountered a "ghost job"? These are fake vacancies posted by companies to gather resumes for future use and test market interest. Additionally, they might also post such jobs to maintain their brand image or signal growth. Devina Sengupta reports that these postings are usually done by smaller companies. Read her primer on this trend, and find out how to avoid wasting your time by applying for a ghost job. Regulatory challenges for India Inc. have been steadily increasing, prompting companies to seek assistance from "crisis consultants" to navigate these issues. Recent incidents, such as the problems with IT systems at Kotak Mahindra Bank, highlight this sectoral shift. Shayan Ghosh and Devina Sengupta write that the emergence of crisis consulting as a sector is imminent. They also note that the use of artificial intelligence is significantly reducing resolution times from months and weeks to mere days. In July, SBI Card reported a rise in non-performing assets, attributing it to customers over-leveraging by securing multiple credit lines, which directly affected their repayment capacity. Our partners at How India Lives highlight that this trend reflects a broader issue of rising household debt in India, exacerbated by the pandemic. Soaring household debt is impacting savings and expenditure, raising concerns about the broader implications for economic growth and the urgent need for a rebound in household financial savings. In New Delhi, the renewable power sector is facing a challenge as nearly 30 gigawatts of capacity is struggling to find buyers. Potential buyers expect uniform tariffs and improved grid connectivity, both of which are missing. Rituraj Baruah reports that projects worth at least 15 gigawatt lacks Power Purchase Agreements, while around 14 gigwatts are awaiting Power Supply Agreements. India aims to significantly increase its green power project tendering to meet an ambitious goal of achieving 500 gigwatts of non-fossil-based energy capacity by 2030. Such a backlog by the authorities in approving projects is spooking investors 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, September 1, 2024. My name is Nelson John. Let's get started. The Adani Group plans to invest $1 billion in acquiring packaged consumer goods brands in southern and eastern India. Anirudh Laskar reports that the investment will be made through its subsidiary, Adani Wilmar. This move is part of the group's strategy to expand its presence in the fast-moving consumer goods segment. Adani Wilmar aims to make multiple acquisitions over the next few years and anticipates a surge in demand for its products. The Group has previously used this strategy in other sectors too, like renewable energy and the cements business. India's audit authority plans to close a loophole that lets companies escape scrutiny over fund misuse by making lead auditors of conglomerates more responsible. This addresses a gap in accounting standards that let main auditors depend on subsidiary auditors without accountability. Gireesh Chandra Prasad writes that the previous practice posed a potential risk and additional burden for auditors. The National Financial Reporting Authority aims to issue new, stricter guidelines to ensure lead auditors fully oversee and answer for the entire group's financial statements — this would be aligned more with global practices. In July, a massive digital attack on a popular cryptocurrency platform led to half the depositors losing their money. India's largest crypto platform WazirX saw a massive attack that led to a huge chunk of their user base of 42 lakh people lose some money. But since this is a decentralised currency, the government isn't safeguarding investors. Neil Borate and Anil Poste spoke to investors who lost their money in this attack, who have no redressal mechanisms so far. A lack of regulatory clarity and no action from WazirX has baffled those who used the platform to buy crypto currencies. Even though online betting is mostly illegal in India, global betting platforms are finding clever ways to sneak back into public view. They're popping up everywhere, from digital ads to sports jersey sponsorships, and they're using celebrities to grab attention. For instance, cricketer Dinesh Karthik and actor Jacqueline Fernandez are just a few of the faces you might see promoting brands like Parimatch and FairPlay India. These companies are cleverly leveraging the massive social media followings of these celebrities to reach millions, despite ongoing government crackdowns on such ads. Varuni Khosla reports on how betting apps in India are circumventing the legal hurdles with the help of surrogate advertising. Food prices in India have been persistently high, driven by a combination of climatic events and policy responses. According to RBI data, food inflation has been notably higher in recent years, averaging 6.3% from June 2020 to June 2024, compared to 2.9% in the previous four years. Consumers have felt the pinch of rising prices, but farmers haven't necessarily benefited proportionately. High market prices for crops like pulses and vegetables often result from reduced production due to climate impacts rather than increased farmer income. Rainfall plays a critical role in agricultural output and, consequently, in food prices. The India Meteorological Department's forecast of a wet September could affect the Kharif crops, with potential for both beneficial and adverse impacts depending on the timing and intensity of the rains. Sayantan Bera examines how a bountiful monsoon could result in a fall in prices of food crops. 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! 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, 30 August 2024. My name is Nelson John. Let's get started. The Indian equity markets touched record highs on Thursday. The Sensex rose by 0.43 percent, while the Nifty was up by 0.33 percent. Messaging app Telegram's founder Pavel Durov was recently arrested in France. He is accused of not acting against harmful content on the app. Allegations include drug trafficking, fraud, cyberbullying, and generating fake images. Earlier, John McAfee and Julian Assange have been arrested on similar grounds. Shelley Singh explains the reasons for the arrest, which might have more to do with politics and diplomacy than crimes. Mukesh Ambani, Asia's richest man, announced ambitious plans for Reliance Industries during the company's 47th annual general meeting. He revealed a strategy to double the income of Reliance’s digital and retail branches under the brands Jio and Reliance Retail in the next 3-4 years. Ambani envisions RIL’s new energy venture to match the size of its oil-to-chemical business, which generated ₹5.64 trillion in FY24, in just five years. Ambani highlighted the transformative plans for Reliance Industries, detailing initiatives across five key business areas: O2C, retail, Jio, media, and green energy, Mint’s Anirudh Laskar reports. Ambani is betting big on a future where Reliance isn't just a heavyweight in traditional sectors but also leads in green energy and tech. The plan includes a massive green energy complex in Jamnagar, envisioned as a future global energy hub. Up until a few years ago, you could only take an international flight from one of India's major airports. Flying outside India meant you'd first have to go to either New Delhi, Mumbai, Chennai or Bengaluru to hail a long-distance flight. But that changed when many non-metro airports secured the rights to fly internationally. Anu Sharma reports that airports such as Amritsar, Bhubaneswar, Lucknow and Kozhikode are seeing robust growth in international travel. Travellers from these regions usually go to Southeast Asia and the Middle East, Anu writes. Millions of students pursue an engineering degree every year in hopes of getting a job offer from India’s top IT companies. Last year’s graduates were caught in the midst of a storm as many IT firms refused to go for campus placements. This year, Wipro has decided to come back for this exercise. A student might be excited to see that they have been placed in the “elite” category at Wipro, but the salary comes in at only 3.5 lakh rupees per annum. Jas Bardia reports that while Wipro will be going to recruit in a couple of weeks, they will only be rolling out their lowest packages to students. In previous hiring cycles, packages for freshers went as high as 10.5 lakh rupees. Last year’s struggles continue for IT sector aspirants. In India, companies are now required to have a certain number of women on their boards, but this often just ticks a box rather than ensuring their voices are truly heard in decision-making. Speaking to Mint’s Devina Sengupta, Aparna Mittal from the Samāna Centre for Gender, Policy and Law pointed out that it's not just about having women on boards but whether they're genuinely independent and their opinions valued. Despite this, there's a silver lining as pay for women directors has seen a significant boost, doubling over the last five years due to their increased responsibilities. Wipro to up fresher hiring, but at lowest pay grade of Rs 3.5 lakh per year Reliance to double Jio, retail biz in 3-4 years Overseas travel picks up at non-metros Women independent directors’ pay doubles in 5 years Pavel Durov: Why tech and global geeks worry govts 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 29, 2024. My name is Nelson John. Let's get started. India’s benchmark index Nifty 50 hit a new high on Wednesday, marking 10th straight day of gains. It ended the day 0.14 per cent above its previous close. BSE’s Sensex too edged into the green, surging 0.9 per cent. The Reserve Bank of India is gearing up to launch the Unified Lending Interface (ULI) nationwide, aiming to revolutionize the lending process much like the Unified Payments Interface, or UPI, transformed payments. So, what exactly is ULI? Mint’s banking editor Gopika Gopakumar explains. It's a digital hub that helps fast-track loan approvals by pulling together digital info like land records from various sources right to the lenders' fingertips. This could seriously cut down the time it takes to get a loan, especially for sectors craving credit like agriculture and small businesses. The Competition Commission of India has greenlit the merger of Disney Star and Reliance's Viacom18, setting the stage for a colossal shake-up in India's media landscape, creating an $8.5-billion behemoth. This merger, bringing under one roof entities like Reliance Industries, Viacom18 Media, and Star India, is set for completion following voluntary modifications agreed by the parties, reports Gaurav Laghate. The combined entity, to be primarily owned by Reliance and its affiliates, marks a significant consolidation in the media and entertainment sector. Post-merger, the landscape will see Disney Star and Viacom18 merging their considerable media assets, ranging from television channels to OTT platforms, potentially reaching over 750 million viewers. This move is poised to streamline operations and enhance content delivery but could lead to significant job redundancies, affecting around 1,000 employees. The integration process is expected to kick off by October. India's renewable energy scene is buzzing, but it's hitting a snag with regulatory grey areas, especially around Virtual Power Purchase Agreements. These aren't your typical energy deals; they let energy be sold at fixed prices on an exchange, not directly through the grid. This setup skirts around the traditional system and should be a game-changer, right? Well, there's a catch. The problem lies with the Securities Contracts (Regulation) Rules, which have made companies cautious of stepping into potential legal grey areas with these contracts, Nehal Chaliawal reports. Though the Supreme Court has clarified that physical electricity delivery falls under the Central Electricity Regulatory Commission, the industry is still treading carefully. Indians might lose over three years of life expectancy due to air pollution, reveals the University of Chicago's Air Quality Life Index report. Despite a 19.3% reduction in particulate levels from 2021 to 2022, persistent pollution levels still pose a severe health risk. Northern India is particularly affected, where residents could lose up to 5.4 years of life expectancy despite recent improvements, Mint’s Puja Das reports. Other heavily impacted areas include Maharashtra, Madhya Pradesh and Rajasthan, where residents could lose about 2.9 years on average. The report also noted a significant 18% decrease in air pollution across South Asia in 2022, influenced by factors like the La Niña-induced above-normal monsoon, which enhanced the effects of modest emission reductions from residential and transport sectors. An ISRO-made space station may soon be orbiting the earth. India is gearing up to launch its own space station, the Bharatiya Antariksha Station (BAS), by 2028 with operational goals set for 2035. This development comes as the International Space Station is expected to be decommissioned by the end of 2030. The BAS, entirely engineered domestically, aims to become a new hub for global research collaborations, especially as the West seeks alternatives post-ISS. The final engineering and cost plans are awaiting cabinet approval, with ISRO confirming progress in recent statements. The BAS will stand alongside China's Tiangong Space Station as one of the only nation-operated space stations globally, reports Mint’s Shouvik Das. However, the emergence of private space stations could pose competition, potentially limiting BAS's global impact. Despite these challenges, India's space station is seen as an opportunity to leverage geopolitical advantages and foster collaborations. Show notes: Mint Primer | Will ULI change the lending landscape? Competition watchdog CCI approves Disney, RIL-owned Viacom18’s $8.5-bn merger India's renewable energy boom stunted by regulatory ambiguity over sales accords Indians risk losing 3.4 years of life expectancy due to persistent air pollution, says report India puts space station on priority eyeing geopolitical gains 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 28, 2024. My name is Nelson John. Let's get started. The Indian equities markets edged just slightly upwards on Tuesday. Sensex increased by 0.03 percent, while Nifty was up by 0.02 percent. Getting a US visa seems to be getting more difficult by the day. But if you have some money in your bank account, the process might be easier. Neil Borate writes that the US investor visa programme, known as the EB-5, allows individuals to obtain a green card. The programme means that one needs to invest in a US-based project that leads directly to the creation of at least 10 jobs. Neil outlines this process and speaks to immigration experts to find out the fine print of this deal. For many kirana stores, quick commerce has proven to be a bit of a death knell. Foot traffic in these mom-and-pop shops has dwindled. Whatever customers that do walk in, rarely want big, heavy items. Suneera Tandon spoke to owners of small grocery stores, who reported dips of 20 percent in their business. Quick commerce players like Zepto, Dunzo, BlinkIt, and Instamart are now becoming direct distributors for major FMCG companies. While this phenomenon is restricted largely to major metro cities, smaller retail stores are increasingly feeling threatened, Suneera writes. Will the government intervene? After suffering through the effects of the Hindenburg Research report in early 2023, the Adani Group is focusing on improving its financial health. The Gautam Adani-led Group is reducing debt and contemplating selling stakes in certain entities. While it still has plans for expansion, the group is cautiously balancing its debt. Mayur Bhalerao and Niti Kiran report that debt growth slowed to 6 percent in 2023-24. That included a significant shift from domestic bank debt to bonds—from 86 percent to 15 percent. The Bureau of Indian Standards, or BIS, is an important body that ensures standardised products for the Indian consumer. BIS is used to certify items like children's toys, LPG cylinders, electronics, and even cement. Soon, it could be used to certify... artificial intelligence, reports Dhirendra Kumar. The Indian government has decided to start certifying, and to some extent standardising, generative AI. Gen AI finds usage in areas such as healthcare, finance, and education. Regulating it will help prevent unintended consequences that might have far-ranging impact, Dhirendra notes. In almost every sport, backups exist — those who can play in a pinch in case of an injury, usually. But that's not restricted to just sports: IT companies have their version of a substitute bench, too. These employees are on the sidelines, waiting to be deployed on a project. But need for continuity and poor interviews lead to many employees being on the bench for extended periods of time. Clients sometimes interview employees before choosing them for a project. Jas Bardia reports that IT companies are now culling those on the bench for more than a month or two. As demand for IT services is falling, growth slows as well, leading to IT companies taking such decisions. 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, 27 August 2024. My name is Nelson John. Let's get started. The Indian stock market saw solid gains on Monday, with the Nifty and the Sensex climbing nearly 1 per cent each. India is setting the stage to enhance its local manufacturing with a new initiative called 'Rapid', which stands for Research, Analysis, Programme Implementation and Data Intelligence. Mint’s Shouvik Das and Mihir Mishra write that the mission aims to boost domestic private-sector research and development through strategic incentives. ‘Rapid’ will target key sectors like automobiles, electronics, medical devices, and aerospace. Chaired by Pawan Goenka - who is also at the helm of INSPACE - the initiative is part of India's broader strategy to build a design-led manufacturing ecosystem. This is essential for advancing India's manufacturing goals and aligning with its ambitious targets to grow the economy to $5 trillion by FY28. Last year, India briefly banned imports of certain IT hardware products like laptops, desktops, and tablets. This decision was quickly reversed after pressure from industry leaders such as Dell, HP, Lenovo, and the US Trade Representative. However, the government is now reassessing whether to extend deadlines for import restrictions, reports Gulveen Aulakh. This comes as local manufacturing shows signs of improvement, though not fast enough to fully replace imports. Through the Production-Linked Incentive scheme, local production has increased. About 30-35 per cent of laptops sold in India in 2023 were made domestically. This figure is expected to rise above 40 per cent. Global manufacturers are expanding their local production bases. Yet, most won’t start significant production until next year. With ongoing analysis of import and production data, the government has not made a final decision on extending import restrictions. The recruitment industry is hitting a rough patch after the post-pandemic hiring boom. Companies like Teamlease have to tighten their belts, adjust team sizes and tweak incentive targets because projects are drying up, clients are squeezing costs, and the deadlines to fill positions are stretching out. This shake-up has led to a shortage of hiring agents, with sourcing fees dipping well below the usual 8.33 per cent of a candidate’s annual salary, reports Mint’s workplace correspondent Devina Sengupta. This slowdown marks a stark shift from the 'Great Resignation' era when the demand for recruiters surged. Firms are now refining their strategies; for example, ABC Consultants is zeroing in on senior management roles, while Xpheno pivots towards contract staffing, especially targeting global captive centres. This shift comes as IT bigwigs like TCS, Infosys, and Wipro scale back their workforces significantly. Reserve Bank of India Governor Shaktikanta Das announced plans for a nationwide rollout of the Unified Lending Interface, or ULI, aimed at transforming credit distribution like UPI transformed payments. Speaking at a conference in Bengaluru, Das outlined that ULI would expedite loan processing, especially for smaller and rural borrowers, by integrating various data sources through a seamless digital platform. The platform, which has evolved from pilot projects like digitizing Kisan Credit Card loans, promises quicker loan approvals with reduced paperwork by connecting banks with diverse data services, reports Mint’s banking editor, Gopika Gopakumar. The RBI's initiative is set to simplify borrowing, reflecting a significant shift towards digital infrastructure in banking, enhancing efficiency and accessibility of credit. Ola Electric recently launched a successful IPO, which was oversubscribed by 4.27 times, raising more than 6,000 crore rupees. This move solidified the company's standing as India’s premier electric two-wheeler maker, a title it has held since its explosive entry into the market in 2022. The IPO not only raised substantial funds but also significantly boosted the profile of its CEO, Bhavish Aggarwal, who has been a prominent figure in India’s entrepreneurial scene, transitioning from Ola Cabs to Ola Electric, and now to AI with his new venture Krutrim. Mint’s Sumant Benerjee and Abhishek Mukherjee examine Ola Electric’s future, answering questions about the future of the company’s CEO Bhavish Aggarwal. 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 26, 2024. My name is Nelson John. Let's get started. Set to roll out next year, the Unified Pension Scheme is a new government initiative that combines features of the Old Pension Scheme and the National Pension Scheme. It aims to offer government employees a guaranteed pension equivalent to 50% of their last salary, incorporating both employee and government contributions. N. Madhavan writes that the UPS also will try to address the sustainability concerns of OPS and the uncertainties of NPS pensions. Will it work better than its predecessors? Madhavan tries to answer. Ola Electric's claim of being the biggest two-wheeler EV company in the world had a curious asterisk — that claim only stands if China is excluded. Currently, China dominates the global EV market. Chinese companies hold a combined 72% global market share for electric two-wheelers and lead in the electric four-wheeler segment as well, with a stock of 21.8 million units. Our partners at How India Lives explain how China's rapid shift towards electric mobility is significantly supported by the government, which contrasts with a more modest uptake in markets like the US. Have you been coughing more due to bad air quality? It's going to affect your insurance payments. Health insurance premiums in India are expected to increase due to rising rates of diseases caused by extreme weather and polluted air, reports Puja Das. The number of claims for respiratory, vector-borne, gastric, and abdominal diseases has risen significantly leading to a potential hike in premiums. Additionally, waterlogging from heavy rains has caused a surge in water- and vector-borne diseases, which again worry the insurance companies. AI is transforming print media advertising by generating human-like figures, raising industry concerns yet offering cost-effective production alternatives. Varuni Khosla and Pratishtha Bagai write that this shift could potentially eliminate the need for real models and expensive shoots. Technology and AI's ability to replicate human-like figures is evolving rapidly, and some believe it could reshape the advertising landscape. In the 1970s, the FMCG sector in India changed because of a single product innovation: sachets. Selling smaller quantities of a product proved to be a game changer in a cost-conscious market like India. While that strategy worked for items like shampoo and detergents, Godrej Consumer Products is trying to replicate that phenomenon for mosquito repellents. Suneera Tandon writes about the company's CEO, Sudhir Sitapati, and his efforts to make Godrej's consumer goods arm at par with the other players in the market. 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, 23 August 2024. My name is Nelson John. Let's get started. Indian equity benchmark index, the Nifty, extended its winning streak to six consecutive sessions on Thursday, rising by 0.17 per cent. BSE’s Sensex too saw a surge of 0.18 per cent at the end of the trading session. Zomato is making strides by entering another duopoly market. It already competes with Swiggy in the food delivery market, and now it is entering entertainment and ticketing, dominated by BookMyShow. The company is planning to acquire Paytm’s ticketing business and rebrand it as a separate entity called ‘District’. Zomato will acquire the business for a little over 2,000 crore rupees. However, launching District as a separate app could pose challenges in user convenience and operational costs, Mint’s startup correspondents Priyamvada C and Sowmya Ramasabramanian explain. Despite these potential hurdles, analysts are optimistic, predicting significant revenue growth for Zomato through this expansion. Ronnie Screwvala's Swades Foundation has stirred up interest in social stock exchanges or SSEs by raising 10 crore rupees on the National Stock Exchange's SSE. This move has other non-profits curious, but the complex compliance requirements are a bit of a deterrent. Since the concept launched in early 2023, just a handful of NGOs have actually raised funds through SSEs. Introduced in India in 2019, SSEs are designed to help non-profits raise funds transparently, hoping to draw individual donors and build trust. Mint’s Sneha Shah and Nehal Chaliawala write that allthough there's potential for SSEs to make fundraising more accessible, experts caution that they may not offer significant advantages over existing channels like crowdfunding. Prime Minister Narendra Modi's recent trip to Ukraine marks a significant stride in India's foreign policy, especially following his visit to Russia. The move showcases the fact that the country can maintain ties with both Russia and Ukraine while navigating its relationships with Western allies like the US. Modi's visit—the first by an Indian prime minister since diplomatic ties were established 30 years ago—aims to enhance relations in sectors like agriculture, infrastructure, and education, among others. Shweta Singh, associate professor at the department of international relations, South Asian University, explains the significance of the PM’s trip to the war-torn Eastern European nation. Get ready for a government-owned OTT platform. Prasar Bharati, India's public broadcaster, is diving into the crowded digital scene with its own OTT platform. This new venture aims to feature content from private broadcasters and indie creators, potentially expanding streaming access, especially in rural areas, Mint’s entertainment and media correspondent Lata Jha reports. Yet, it faces stiff competition from giants like Netflix and Amazon Prime Video, not to mention the free content powerhouse, YouTube. While the platform may initially focus on news and movies—areas with fewer digital rights headaches—luring fresh content could be tough. Prasar Bharati will need to navigate these waters carefully, possibly leveraging its niche to attract viewers who aren't the primary target for mainstream OTT platforms. Korean esports giant Krafton just kicked off a major gaming tournament in India, the Battlegrounds Mobile India Pro Series 2024, with a juicy 2 crore rupees prize pool. Exciting times, right? But here's the twist: despite the hype, many pro gamers in India are struggling to make money off their gameplay and social media. Mint’s Shouvik Das and Pratishtha Bagai write that unlike in the West, where gamers make bank by streaming on platforms like YouTube and Twitch, Indian gamers are hitting roadblocks with monetization. The scene here is pretty new, and most of the audience is quite young, which complicates things. However, there's a silver lining—industry experts believe that as today's young gamers grow up and start calling the shots, they'll pump up the esports economy. Show notes: Mint Explainer: Zomato’s Paytm deal and its big bet on entertainment NGOs eye social stock exchanges, but compliance barriers remain Mint Primer | PM Modi in Ukraine: Can India play a role in ending the war? Prasar Bharati's OTT ambition: Can it compete in a crowded market? Indian gaming influencers reach for the stars, but it's tricky 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, 21 August 2024. My name is Nelson John. Let's get started. The Indian stock market saw solid buying on Tuesday, with key indices, the Sensex and the Nifty, closing up by half a per cent, driven by mostly positive global cues. The World Health Organization has sounded the alarm on Mpox, tagging it as a global health emergency. Originally identified in the tropical rainforests of Africa, this virus, which we used to call monkeypox, was detected in humans back in 1970 in the Democratic Republic of Congo. Mint’s Priyanka Sharma explains that the disease manifests symptoms similar to smallpox, such as skin lesions and flu-like symptoms, and spreads through close contact, making prolonged interactions, especially of a sexual nature, high-risk scenarios. In terms of preparation, India is on alert, with enhanced surveillance at international borders and readiness in specific healthcare facilities to manage potential cases. Despite this, the situation calls for heightened vigilance and public awareness, especially among high-risk groups including newborns, pregnant women, and individuals with compromised immune systems. The recent turmoil in Bangladesh has put thousands of Indian students in a tough spot, stirring anxieties about their safety and academic futures. Over 19,000 Indians, including 9,000 students, are currently stranded amidst escalating violence, with many worrying about lost academic years and severed communications due to frequent internet shutdowns. This situation echoes students’ plight during Russia's invasion of Ukraine. Due to lower fees than that charged by Indian private colleges, Bangladesh was fast becoming a popular educational destination for Indian students, writes Sanghamitra Kar. As of now, violence continues to unsettle Bangladesh, leaving Indian students uncertain if they’ll return to their chosen universities. India's smartphone exports really took off last year, hitting over $15 billion, thanks in part to Apple ramping up production here. Each month in early 2024, we were shipping out smartphones worth about $1.6 billion! While that's impressive, it's worth noting that India is still playing catch-up to manufacturing behemoths like China. This increase is largely attributed to the government’s production-linked incentive scheme initiated in 2020. Mint’s partners at HowIndiaLives.com write about how, despite this growth, India remains primarily an assembly hub rather than a full-fledged manufacturing giant like China, heavily importing the components required to build smartphones. Businesses are upgrading their old PCs due to the end of support for Windows 10 and growing AI demands, leading to a significant increase in PC sales across India. The latest data from the International Data Corporation shows a nearly 4 per cent rise in commercial PC sales in the June quarter, the largest increase since 2022, driven by India's IT sector gearing up for a revival. Notably, Apple reported a 65 per cent increase in enterprise Mac sales in the same period, with overall PC shipments in India up 7 per cent year-on-year to 3.39 million units. Mint’s Shouvik Das reports on the rising demand for computers boosted by the $265 billion Indian IT industry. IndiGo has decided to go fancy and introduce a business class in its Airbus 321 planes. This is exciting news for anyone following their journey from a low-cost carrier to now eyeing those premium seats. This isn't just about more legroom and comfy seats—it’s about capturing a slice of the lucrative business traveller market. Why the shift, you might wonder? Mint’s Mihir Mishra and Anu Sharma might have the answer. IndiGo is looking to beef up its earnings per seat rather than just packing more people in. They're setting the stage for bigger things, like flying longer international routes with their upcoming Airbus models. This strategic shift could really shake things up, making IndiGo a go-to for not just budget travellers but also for a crowd that wouldn’t mind a bit more pampering on their travels. Show notes: Mint Primer: Should India be worried about Mpox? Out of Bangladesh fire, Indian students find themselves in the frying pan What’s behind India’s surging smartphone exports? Tech employers look for new laptops after two-year lull Class war: IndiGo shows Air India it means business 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, 20 August 2024. My name is Nelson John. Let's get started. On Monday, the Sensex was down by 0.02 percent, while the Nifty edged up by 0.13 percent. Women's safety is a prominent issue right now, and corporate India is trying to protect half its workforce. Indian companies are enhancing office safety measures to protect female employees. Priyamvada C and Devina Sengupta write about these Initiatives, which include more helplines, safer travel options like hotel stays near airports during assignments, self-defence training, and gender sensitization classes. Amidst rising harassment cases, firms are now more focused on gender diversity and safety, with measures such as SOS applications and secure transportation partnerships. The importance of creating a safe and inclusive work environment is underscored by reports of women contemplating leaving their jobs due to various workplace challenges. The National Payments Corporation of India, or NPCI, has announced that it would hive off Bharat Interface for Money (BHIM), a payment app based on UPI, into a separate subsidiary. The move aims to boost BHIM’s market position amid competition from other UPI apps like Google Pay and PhonePe. The NPCI hopes that with a dedicated team focusing on its development, BHIM's market share will improve. Additionally, BHIM is looking to increase its user base by foraying into the e-commerce sector via the Open Network for Digital Commerce (ONDC), explains Gopika Gopakumar. During his Independence Day speech, Prime Minister Narendra Modi reaffirmed India's aim to achieve 500 gigawatts of non-fossil energy capacity by 2030. This includes renewables and nuclear power. Despite missing a previous target, recent progress indicates India is on track, having added 15 gigawatts in the first half of 2024 alone. Manjul Paul writes that the government's plan to invite bids for 50 gigawatts annually until 2027-28 supports this ambition. With renewables now accounting for 33 percent of India's energy capacity — up from 18% in 2017 — the push towards a greener grid is evident. However, meeting the 2030 goal also requires overcoming challenges like India's reliance on coal and ensuring budget allocations are fully utilized. After leaving his position as CEO of PayU India in 2019, Amrish Rau envisioned starting afresh in India's fintech scene. He approached Sequoia Capital for funding. Instead of funds, he was offered the leadership of Pine Labs by Shailendra Singh, a company well-established in the payments industry with a key focus on point-of-sale terminals and solutions. Samikha Goel writes that Rau was Initially hesitant to build a new venture. But he accepted, recognizing the growth potential and existing 1.6 billion dollar valuation. Under his leadership since March 2020, Pine Labs has soared to a 5 billion dollar valuation, positioning itself as India's fourth-largest fintech firm and contemplating a billion-dollar IPO. This would potentially raise its valuation over 6 billion dollars, marking a significant milestone in India's fintech landscape. As climate change intensifies, it's impacting vehicle reliability. This is pushing the automotive industry to adapt. Manufacturers now prioritize rigorous testing of air conditioning systems and tyres to ensure they withstand extreme weather conditions. For instance, Subros, a leading car AC maker in India, tests products in temperatures up to 55°C, while tyre manufacturers like JK Tyre address challenges in natural rubber production due to weather impacts by initiating projects to secure quality rubber supplies. Alisha Sachdev writes that the rise of electric vehicles adds another layer of complexity, requiring effective heat management for their numerous electronic components to maintain performance and longevity. This industry-wide push towards resilience and sustainability reflects a proactive response to our changing climate. Show notes: Dressing Pine Labs for IPO: What ‘fintech bully’ Amrish Rau can learn from Paytm Transport, timings, SOS: How India Inc is trying to keep women staff safe What is NPCI’s game plan for BHIM app? Your car’s AC and tyres need a climate-driven upgrade. Here's why Data explainer: India’s green energy goals face stiff 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 Monday, 19 August 2024. My name is Nelson John. Let's get started. The Adani Group is on an aggressive expansion bid - from realty to cement. Now, the Gautam Adani-led company is eyeing a thermal power plant. Sources told Mint’s Anirudh Laskar and Dipti Sharma that the group is keen on buying Anil Ambani’s bankrupt company Reliance Power’s 600-megawatt thermal power plant in Butibori, near Nagpur. The potential acquisition, valued between 2,400-3,000 crore rupees, aligns with Adani's strategy to expand its thermal power capacity amid growing electricity demands, particularly in Maharashtra, India's largest power-consuming state. This move could integrate Adani’s existing coal-based power plant in Tiroda with Butibori, enhancing its competitive edge in the region. In March this year, Swedish investor EQT and Singapore’s Temasek - joint owners of O2 Power- decided to sell the renewable energy company. Since then, buyers have lined up to buy the company in a one-billion-dollar deal. The company has drawn significant interest, with seven major entities submitting non-binding offers. These include prominent firms like Stonepeak, I Squared Capital, JSW Neo Energy, Sekura Energy from Edelweiss Alternative Asset Advisors, Actis Llp, Sembcorp Industries, and Macquarie Group, reports Utpal Bhaskar. Managed by Barclays, the sale process values O2 Power at $2.3 billion in enterprise value. Seven bidders were selected from thirteen who had signed non-disclosure agreements. In her second full year at the helm of India's market watchdog, Madhabi Puri Buch oversaw a record 342 investigations by the Securities and Exchange Board of India, the most in nearly 30 years. Behind this spike is a mix of a bustling equity market with more everyday investors jumping into both stocks and derivatives and Sebi's smarter use of tech to keep an eye on things. The regulator's getting sharper, using AI and other tools to sniff out market manipulation and insider trading like never before, writes Mint’s Neha Joshi. India is planning to establish a new independent regulator for its upcoming coal exchange, which is expected to be launched within the current fiscal year, FY25. Originally, it was considered that the Coal Controller Organisation would regulate the exchange, but concerns about independence and market trust have led to discussions about creating a separate regulatory body. As the government aims to boost domestic coal production to 1 billion tonnes annually and reduce import dependency, the need for a modernized and efficient coal exchange becomes crucial, writes Rituraj Baruah. This exchange will serve as a marketplace where buyers and sellers of coal can transact, offering options in terms of coal grade and location. Nestled within IIT Madras’ Research Park, Agnikul Cosmos stands out with a life-size rocket prototype at their doorstep. This Chennai-based startup isn't just about the show; they've made real strides in the space race with their recent milestone, earning them praise from even PM Narendra Modi. They've successfully test-launched their 3D-printed semi-cryogenic rocket, Agnibaan–SOrTeD, using technology that allows them to create rocket engines in under a week. This test not only demonstrated their tech prowess but also gathered essential data for their upcoming orbital launches. Mint’s Leslie D’Monte takes a deep dive into Agnikul's vision which extends beyond just launching rockets; they aim to revolutionise how small satellites reach space. Show notes: Adani plans to buyout Reliance Power's thermal power plant Stonepeak, I Squared, Actis, 4 others submit bids for O2 Power in $1 bn deal Sebi ramps up investigations amid market turmoil Centre evaluates setting up separate regulator for coal exchange Agnikul Cosmos: It's definitely rocket science 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, 16 August 2024. My name is Nelson John. Let's get started. When ChrysCapital's executives flew to Pune during the covid-19 pandemic, they were looking to invest in FirstCry, a baby products giant founded by Supam Maheshwari. They were struck by Maheshwari's modest office—a sharp contrast to the flashier setups of many new-age entrepreneurs. This meeting led to a 315 million dollar investment in the startup, boosting its valuation to nearly 2 billion dollars. Maheshwari, an introvert unlike the more outspoken Bhavish Aggarwal of Ola Electric, strategically builds businesses with an eye on the long game, focusing on deep market understanding rather than just following trends. Mint’s startup reporter Sneha Shah explores the journey of Maheshwari, who has founded three unicorns - FirstCry, Xpressbees and Globalbees. Prime Minister Narendra Modi addressed the nation for the 11th consecutive time from the Red Fort on Independence Day. In his first speech since assuming office for the third time, the prime minister spoke for 98 minutes, making it his longest Independence Day speech. He laid out many ambitious plans, from adding 75,000 medical seats over the next five years to ramping up India's renewable energy capacity to 500 gigawatts by 2030. Modi emphasized revamping agriculture with a big push towards natural farming, with plans to use advanced tech like drones, Dhirendra Kumar writes. He's also got his sights set on making India a powerhouse in semiconductor manufacturing to cut down on imports and boost self-sufficiency. At IIMs - India's top management institutes - students are facing a stagnant job market where median salaries haven't budged much. Median pay - the salary a middle-ranked candidate would get - has stagnated. This is despite the continuous rise in tuition fees due to operational costs. For example, at IIM-Kozhikode, the median salary has been stuck at 27 lakh rupees for the past couple of years. This stagnation is attributed to global economic uncertainties and a cooling job market following the pandemic hiring spurts, reports Mint’s Devina Sengupta. Despite this, institutes are revising their curriculums and infrastructure to better align with industry needs and ensure robust placement outcomes in the future. India's law ministry is taking a big step towards transforming the country into a top spot for global arbitration. Mint’s Manas Pimpalkhare reports that the ministry wants to streamline processes and cut down on the hefty legal bills the government faces as the country's most frequent litigant. They're studying how places like Singapore and the UK handle arbitration to figure out what changes are needed back home. One of the main goals is to speed up how arbitral awards—decisions made outside of court—are enforced, as Indian assets often get bogged down in other legal tangles, which slows things down. Indian liquor brands like Amrut, Rampur, and Indri are making a splash on the global stage, catching the eye of the growing Indian diaspora and other premium spirit lovers around the world. In fiscal year 2023-24 alone, overseas shipments of alcohol jumped to a cool 400 million dollars. Whisky's leading the charge with a whopping 67% surge in exports since fiscal year 2019-20, hitting about 5.8 million cases, writes Mint’s Varuni Khosla. Radico Khaitan and Allied Blenders are at the forefront of this trend. Radico's not just winning over folks with its Rampur Indian single malt and Jaisalmer craft gin, but it's also now selling in over 100 countries. The buzz is spreading to beer, too. Goa’s Latambarcem Brewers has started shipping their Maka Di Beer to the US, and Delhi’s Medusa beer is setting sights on the UK. Show notes: Inside the reticent mind of FirstCry’s top bee—Supam Maheshwari Prime Minister Modi’s I-Day speech: 75k medical seats, renewable energy goals and more IIM grads get a reality check in a tight job market India aims to be global arbitration hub. And cut costs for its biggest litigant. Spirits Exports Soar As Single Malts Spice Up Demand 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. Wishing you a happy independence day! It's Wednesday, 15 August 2024. My name is Nelson John. Let's get started. Markets remained largely flat on Wednesday. The Sensex was up by 0.2 percent, while the Nifty 50 edged up by just 0.02 percent. India is 78 today. Our markets reach record highs regularly, although not without volatility, and our economy is chugging along. This has been made possible due to some path-breaking economic decisions that have been taken along the way. N. Madhavan takes a look at some of these decisions that have helped India become the fifth-largest economy in the world. Some moments over the years include the green revolution, Manmohan Singh's LPG, and GST. The recent turmoil in the markets is largely caused by foreign investors pulling their money out of Indian equities. But they have been kept in check by retail investors, who are acting as a counterbalance. Ram Sahgal writes that Indian investors have helped prop the Nifty up and perform better than its peers like Japan's Nikkei, South Korea's Kospi, and Singapore's Straits Time Index. Despite foreign investors pulling out in large numbers, domestic investors are keeping things going for the Indian public markets. The Nifty has fallen 1.8% during the past 30 days. One of the major factors has been the announcement of the Q1 results for FY25. Manjul Paul analysed nearly 1,500 companies listed on the public bourses, which yielded moderate growth this quarter. Combined revenue increased by 9 percent annually, while net profit was up just 5 percent for the same period. Profits have been trending downwards for a few quarters, economists note. But a closer analysis shows some disparate trends: Manjul finds out that sectors like oil and gas, power, chemicals, and agriculture are performing much more poorly than their peers. This year's Union Budget allocated nearly a billion dollars towards the National Quantum Mission. But what is that? India wants to be a hub for super-fast quantum computers, and it also wants to make semiconductor chips. The central government has also been bullish on artificial intelligence and has announced several schemes. These are good, healthy targets. Leslie D'monte takes stock of India's technological progress and how these ideas will receive policy support over the years to make the plans a reality. Indian mangoes ruled the foreign market for decades. Farmers grew varieties like alphonso, langra, and dasheri specifically for export, as they fetched a better price in the western countries. India produces 40 percent of the world's total mangoes. However, India is losing its stronghold over everyone's favourite fruit. There's a new exporter in the market: any guesses?? It’s China. Dhirendra Kumar reports that China exported mangoes worth 59 million dollars in 2023, compared to mangoes worth 55 million dollars by India. Funnily enough, mangoes are not native to China — India’s first prime minister Jawaharlal Nehru had gifted China eight mango saplings back in the 1950s. This diplomatic gift has come back to haunt Indian mango makers decades later. Show notes: Amid FII selling, retail investors again prop up Indian market As Q1 profit growth retreats, can India Inc. hold its head above water? Chips, Indic LLMs, flying taxis: Inside India’s tryst with tech independence Seven economic moments to remember since 1947 Mango wars: China grown Indian mango varieties eat into India’ exports 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, 14 August 2024. My name is Nelson John. A series of explosions in South Korea has prompted discussions in Mumbai about a ban on charging electric vehicles in basements. Alisha Sachdev explains that since EV charging involves high-voltage electricity, such discussions are paramount to the safety of those who live in such buildings. Automakers have been asking for regulation on this front ever since EVs went mainstream in India. The government has taken up the mantle of creating public charging infrastructure, but hasn't formed any regulations about safer charging at home. Another EV-related story for you: this time, about BluSmart. If you haven't heard about it, BluSmart is an EV-only cab service operating in NCR and Bangalore. Anmol Jaggi, the founder of BluSmart, is happy with the company's growth and progress. But he has one big problem: The lack of sufficient charging infrastructure. Sumant Banerji writes that, unlike their petrol and diesel counterparts, BluSmart's EVs have a considerably higher downtime. Moreover, BluSmart also owns its entire fleet, as opposed to a commission model by Ola and Uber. This is a capital-intensive setup. In his Long Story, Sumant lists out the challenges and opportunities for BluSmart. Cab hailing is already a cash-burning business; BluSmart's current business model doesn't allow for much headroom to change a lot at the moment. According to the Securities and Exchange Board of India, or Sebi, a registered investment advisor needs to be at least 21 years old. But Sebi's jurisdiction ends when you type youtube.com. Here, teenagers can give you advice too. Sashind Ningthoukhongjam writes about kids as young as 13 advising investors to try out futures and options, or F&O, trading. They boast of turning the share market into a "sure market", with annual returns of over 36%. While Sebi has strictly dissuaded F&O trading, that doesn't stop these kids from promising their viewers the moon with their investing tips. It's not just F&O trading that has picked up in India. Take, for example, factor funds. In July, more than 26,000 crore rupees has been invested in this kind of funds. Factor funds track attributes like size, value, momentum, and volatility to try and offer better returns to investors. Dipti Sharma writes about the rise of factor funds, which are growing in size as well as in number. These funds have risen more than 15% so far this year, as opposed to the Nifty's 12%. Read this story to see if it’s worth investing in these funds. At some point, over the last couple of years, everyone started wearing a smartwatch. Watches that just showed the time and perhaps date were passe; now, you could know your heart rate, step count, and even pick up calls with a digital watch. In 2021, more than 12 million smartwatches were sold in India, writes Shouvik Das. In 2023, this figure jumped to 50 million. But now, smartwatch makers have run into a problem: market saturation. It seems like everyone who wanted one, has one. Buyers now only have demand for the expensive watches made by Apple or Samsung. Meanwhile, the demand for cheap smartwatches has cratered. Shouvik writes that this has become a problem for companies such as Boat and Noise. Show notes: Why India needs safety protocols for EV charging Low battery: The biggest challenge hindering all-electric cab company BluSmart Meet the new YouTube finfluencers: teens ‘making 36-40%’ returns trading options Indian investors are discovering the power of factor investing Indians loved to flaunt their budget smartwatches. Not any more. 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 13, 2024. My name is Nelson John. Let's get started: Indian benchmark equity indices Sensex and Nifty 50 ended Monday's session flat amid mixed global cues. Retail investors like us, once mere spectators in the stock market, are now major players. Just last July, a staggering 4.5 million new demat accounts popped up, a big jump from the 3.5 million monthly average of the past year. To put it in perspective, back in 2019, we only saw about 400 thousand new accounts monthly. Now, 43% of companies listed on the NSE have over 50,000 retail shareholders, a significant increase from just 441 companies in March 2020. Even more impressive, 54 firms now have over a million retail shareholders—almost five times more than four years ago. So where is this inflow from retail investors headed? Are they betting big on blue-chip giants, or taking risks on smaller companies? Niti Kiran from Mint’s data team takes a look. Sumitomo Mitsui Banking Corporation’s top boss, Akihiro Fukutome, is flying to India this week, eyeing a big slice of Yes Bank. Three people aware of the development told Mint’s banking editor Gopika Gopakumar, that Fukutome is thinking about snapping up a whopping 51% stake, pegging the deal at 5 billion dollars. Fukutome's trip includes meetings with top officials from the Reserve Bank of India and the State Bank of India, which currently holds a 23.99 per cent stake in Yes Bank. The discussions are critical, as SMBC has started the due diligence process, leveraging the financial expertise of JPMorgan and legal guidance from J Sagar Associates. But why Yes Bank? Well, SMBC sees a lot of promise in the private lender and is keen to make a major play in India’s banking scene. Airfares for the upcoming Independence Day weekend have surged by as much as 50% due to a combination of holiday timing and slow fleet expansion. Independence Day and the Parsi New Year on August 15, followed by Rakshabandhan on Monday, have created a perfect storm for a long, five-day weekend, encouraging many to take extended breaks. This has led to a spike in bookings, particularly for popular destinations like Bengaluru, Delhi, Srinagar, and Leh. Mint’s Anu Sharma reports that the rise in airfares is partly due to the slow pace at which new aircraft are being added to India's fleets, even as the demand for travel significantly outpaces supply. Industry insiders point to a shortage of spare parts and delayed aircraft deliveries as key factors keeping capacity from meeting the surging demand. The Hindi film industry, which traditionally relied heavily on the star power of individual male leads, is shifting gears. As solo star vehicles falter at the box office, producers are increasingly turning to ensemble casts, betting on the combined drawing power of multiple big names to lure larger audiences and ensure robust ticket sales. Take, for instance, Ranveer Singh's upcoming untitled movie that stars not just him but also Sanjay Dutt, Akshaye Khanna, and R. Madhavan. Similarly, the latest installment of the Housefull series boasts a lineup that includes Akshay Kumar, Riteish Deshmukh, and Abhishek Bachchan. At the same time, Kumar's other project, Welcome 3, packs an even more star-studded cast. Mint’s media correspondent Lata Jha spoke to trade experts who suggest that films with ensemble casts draw from the fan bases of each star, potentially ensuring grand openings. For more than a year, the Indian equity market has witnessed an unusual divergence—Bank Nifty has consistently underperformed compared to the benchmark Nifty. Typically, these two indices move closely together, so this gap suggests something is off balance. The prime suspect for this underperformance? HDFC Bank, which holds significant weight in the Bank Nifty. But it's not just about one bank; the entire banking sector in India is facing several challenges, as evident from recent financial results. Mint’s Abhishek Mukherjee takes a deep dive into the banking sector’s struggles with systemic challenges, evident in its first quarter results. 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: Analysis: Retail investors remain undaunted, but what are they betting on? This Japanese lender's chief is visiting India to discuss buying Yes Bank stake Travelling by air this weekend? Prepare to shell out more Ensemble cast back in vogue as filmmakers spread bets across stars War for deposits: Banks’ biggest headache now coming for investors? Learn more about your ad choices. Visit megaphone.fm/adchoices

Good morning listeners, 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 12, 2024. My name is Nelson John. Our first four stories of today have to do with the Hindenburg allegations against the markets regulator Sebi. Strap in. When Hindenburg Research issued a note on the Adani Group in January last year, it had set off a firestorm in India’s capital markets. At one point, the Adani Group lost more than 100 billion dollars worth of market cap. On Saturday night, Hindenburg turned its attention to India yet again — but this time, towards the markets regulator. Hindenburg has put Madhabi Puri Buch, the head of the Securities and Exchange Board of India, under the lens. This is the first time Hindenburg has targeted an individual — the head of the regulator, no less. Varun Sood breaks down the new report, and gets some reactions from the markets industry. Specifically, Hindenburg accused Buch of conflict of interest as she owns a consulting firm based in Mumbai. The research group said that Sebi's clean chit to the Adani Group became tainted because of this issue. Buch and her husband, who works at private equity firm Blackstone, have strongly denied these allegations. However, some governance experts told Varun and Shayan Ghosh that Hindenburg has some legitimacy to its argument. It's a tough gig to be the chief of the markets regulator, and this muck slinging certainly doesn't bode well for Buch. Buch and her husband have termed this report as a "character assisination" by the US-based short seller and research group. They maintain that there was no conflict of interest; all stakes were either disclosed or transferred prior to Buch assuming her position at Sebi. However, the Buchs also have an offshore fund in Mauritius, which also held Adani Group shares. Ram Sahgal and Neha Joshi help you untangle this complicated situation, to help you understand the facts and decide for yourself on whose side you'd like to believe. Another thread that the Hindenburg report pulled on was Reits, or real estate investment trusts. Hindenburg pointed out that since Bunch took over at Sebi, she has introduced a lot of legislation that has to do with governing Reits. Hindenburg alleges that this helped her husband, who as we mentioned already works at Blackstone. Blackstone was involved in launching India's first and second Reits, as well as the first listed Reit. Madhurima Nandy explains the complexities of this allegation — the first of which would be to help you understand how Reits have actually fared in India since they were launched in 2019. Moving on, you must have been annoyed by misleading advertisements. They can claim one thing and offer another, or exaggerate certain facets. The Supreme Court has taken note of this matter too, and pulled up the central government last week to have better regulations in place to prevent this. Dhirendra Kumar reports that the government is planning on rolling out a unified system to address such complaints by consumers. Presently, the process to file a complaint against a misleading ad is complex and full of delays. Companies such as Patanjali have been at the receiving end of such complaints, triggering concerns about violation of consumer rights. 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: Emboldened Hindenburg’s profit score has gotten better as it targets bigger guns Sebi chair Madhabi Buch owns majority in consultancy named in Hindenburg report Sebi chief responds to Hindenburg allegations, asserts compliance with all rules Mint Explainer: Why real estate investment trusts are in Hindenburg’s crossfire Pulled up by Supreme Court, Centre plans complete overhaul of consumer complaints redressal mechanism 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 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