news
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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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Nobody Is Here to Make You Rich
Markets are inherently unpredictable, capricious and fickle. We know this, yet we let the actions of Mr. Market influence our own behavior, and often in a somewhat predictable manner. When markets behave the way we want them to, we pat ourselves on the back and start believing we are great investors. But when they don’t,… Continue reading
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Who Gets to Own India’s Future?
Today, India has developed one of most vibrant start-up ecosystems in the world. We now have more than 2.2 lakh “recognised” start-ups, and have created more than a hundred “unicorns” in the last decade or so. Many of our smartest kids today dream of “doing” a start-up, instead of migrating to the US. This is… Continue reading
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The Real Story Behind Skyroot
The most newsworthy event last week (apart from the World Cup) was the success of Skyroot’s orbital rocket and satellite launches. India is now only the third country where a private company can put satellites into orbit. Not only is this incredible, it seems almost unbelievable. In a world where India lags far behind in… Continue reading
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The Price of Good Intentions
We often compare real estate prices in Mumbai or Delhi with cities like Dubai, London or New York. For owners of Mumbai homes, this may provide an illusion of wealth. However, the reality is that homes in Indian cities are among the least affordable, relative to incomes. Nearly half of Mumbai’s population lives in slums.… Continue reading
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The Comfort Trap
Indian companies have record cash reserves. Banks have clean balance sheets and want to lend. Yet private Capex remains subdued. Instead of leveraging excess cash and cheap loans to invest, companies are hoarding cash, buying government bonds, or returning money to shareholders via dividends and buybacks. So why is this? The usual excuse is poor… Continue reading
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India Isn’t Spending Less. It’s Spending Differently.
We’ve grown up in a world where consumer spending meant FMCG. So when FMCG growth slows, we instinctively conclude that consumers are not spending. But that’s a lazy conclusion. The Household Consumption Expenditure Survey (HCES) 2023-24 provides a clue – the share of food has fallen sharply, while non-discretionary spending has risen. However, generic words… 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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You Can’t Bet Against Human Nature
Since time immemorial, humans have gambled. In Harappa, Mohenjo-Daro and other places, numerous dice were found. Our ancestors enjoyed games of strategy and chance in 2500 BC. In ancient Greece, Rome, Japan, China, and elsewhere, people loved bets and wagers, even punting on gladiator contests and animal races. But throughout history, rulers and governments have… Continue reading
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A Fact Sheet in Search of Facts
As expected, the US-India trade deal has hogged headlines. The opposition is crying foul, the usual critics of everything have rediscovered their vocal chords, and social media has done what it does best – declared an apocalypse. Amidst all the noise and hot air, the US government bowled an unplayable googly that was later ruled… Continue reading
