economy
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India’s Stubble Problem Now Has a Business Model
Indian businesses and start-ups are often criticized for serving only richer, urban customers. But this is lazy criticism. Economic forces push businesses to solve problems that are more likely to make money. That’s just the way markets work. So when one finds a start-up working in rural India, using technology to change behaviours and provide… Continue reading
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The Market Explanation Machine
Why did the market fall (or rise) today? This is arguably the most popular question, and one that gets asked every day. But rarely does anyone say, “I don’t know.” That would signify lack of expertise. Instead we get one of several common explanations: I’m sure you can find many more. Just because these events… Continue reading
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Fully Charged. Fully Priced?
In the last few years, India has significantly ramped up Capex in the power sector, be it solar, grid connectivity, transmission and distribution infra, and more. Total power generation capacity more than doubled from 248 GW in 2014 to 520 GW today. Within this, solar has jumped from 2.8 GW to 110 GW. The transmission… Continue reading
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India Isn’t Spending Less. It’s Spending Differently – Part 2
Continuing our series on shifting consumer spend in India – let’s move from cricket to another beneficiary of that trend: live entertainment. This is a tough business in India. Multiple permissions, high taxes, unclear regulations, poor infrastructure and uncertain demand deterred many. But that equation appears to be changing. Post-COVID, consumers – especially younger ones… Continue reading
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You can run, but there’s nowhere to hide
The current Middle East crisis is not merely about oil and fuel, but a massive inflation shock rippling through the global economy. Reduced supply has triggered price spikes in petrol, diesel, aviation fuel, gas, fertilisers, and downstream chemicals. It’s not just oil derivatives—critical industrial inputs like aluminium, helium, methanol, sulphur and ammonia are hit as… Continue reading
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5 Things I Learnt About Inflation
On 12th February, the government announced a new consumer price inflation (CPI) series. The earlier CPI used 2012 as the base year; the new one uses 2024. This was much overdue. Consumption patterns have changed dramatically since 2012. The old series still tracked stuff like VCRs and cassettes, which are pretty much extinct. Digital expenditure,… Continue reading
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Ten Predictions for 2026
Most (all?) predictions are useless, but they’re fun to make – so why not join the party? Here’s my list, in no particular order of importance. Trump will continue to create mayhem, while getting richer: This is a given. Stealing oil tankers, arbitrary tariffs and sanctions, fights with institutions and friends will no longer be… Continue reading
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The curious case of India’s quality control orders
How India’s QCO spree became a master-class in shooting ourselves in the foot Several years ago, a group of important policy makers and officials sat down to discuss how to boost domestic production and curtail imports. Some bright spark provided a (seemingly) magic solution – the use of “Quality Control Orders” (QCOs). Under a QCO,… Continue reading
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Rare Earths and India: Trying to run with one leg tied
Rare Earths and India: Trying to run with one leg tied In recent months, the term “rare earths” has entered drawing-room conversations, fueled by continuous media coverage. The immediate cause for this is China’s blockade of these (and other critical) minerals and their derivative products, in retaliation for Trump’s tariffs. Suddenly, we learnt that India… Continue reading
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Diwali Fireworks and FDI
While complaining to a friend about writer’s block (side effect of an overdose of Diwali sweets?), he suggested I look at the recent Emirates NBD acquisition of RBL Bank. This deal is significant for several reasons. It’s the first time we’re seeing a majority stake sale in a listed Indian bank. The investment amount is… Continue reading
