GenZ vs Millenials: Workplace wars

23 mei · Top of the Morning

00:07:47

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, May 23, 2024. My name is Nelson John. Let's get started.

Indian benchmark equity indices closed higher on Wednesday, driven by positive cues from global markets and strong Q4 earnings reports from major companies. The Sensex climbed 267 points, closing 0.36% higher than the previous session. The Nifty remained relatively flat, gaining a modest 22 points.

For decades, the Indian Institutes of Technology (IITs) have been a beacon of hope for millions of Indians aspiring to build a stable and strong career. However, this year, IITians are struggling to get placed. The anxiety at IITs is palpable, with hundreds of students from the 2024 batch still jobless even after the second round of placements. The traditional powerhouse of engineering talent is now casting a wider net, reaching out to startups, alumni, and exploring new industry segments to secure opportunities for its students. In particular, IIT Bombay reports that out of 1,973 students registered for placements, 1,387 have secured jobs in the first and second phases. Yet, 300 to 400 students are still searching for employment. To address this, the placement teams are proactively contacting previous recruiters and broadening their search to include companies offering lower starting salaries than before. The challenge is more acute this year due to several large IT firms scaling back campus hires, a direct consequence of the economic downturn which has tightened budgets and led to job cuts across sectors. The newer IITs are feeling the pinch as well, navigating their placement season with cautious optimism. Mint’s careers correspondent Devina Sengupta, along with Pratishtha Bagai, report on a challenging placement season at the IITs.

Amid a severe heatwave and unpredictable weather patterns, India is grappling with a rise in health issues such as heatstrokes and vector-borne diseases like dengue. In response, the health ministry has introduced an initiative that feels more necessary now than ever: including climate change in the medical curriculum. Medical students could soon be learning about climate change and its effects. The proposed course aims to prepare future medical professionals to better understand and tackle health challenges directly linked to climate fluctuations. Given the complexity of diagnosing conditions like heatstroke and managing emerging diseases like monkeypox, which are exacerbated by climate shifts, this educational update seems timely. Mint’s health and pharma correspondent, Somitra Ghosh, reports on the proposed inclusion, which could help our healthcare professionals deal with climate change more efficiently.

The Indian state has been in existence for close to 77 years, yet a basic necessity like clean water for all remains a challenge. The Jal Jeevan Mission, launched by Prime Minister Narendra Modi on August 15, 2019, aims to provide safe and adequate drinking water through individual household tap connections to all rural households by 2024. While it has made significant strides, achieving 76.6% coverage of the estimated 193 million rural households, it still faces the challenge of ensuring these facilities are fully functional and sustainable.The initiative has seen substantial uptake, with 11 states and Union territories reaching 100% coverage. However, states like West Bengal and Rajasthan lag, with less than half of rural households connected. The discrepancy often stems from variations in local implementation and reliance on state-level schemes. In the second instalment of a new Plain Facts series by Mint’s data team, Shuja Asrar and Payal Bhattacharya examine the progress the Jal Jeevan Mission has made in rural parts of the country.

Click on the link in the show notes to see the charts and interactive maps prepared by Shuja, Payal, and the data team.

Indian carmakers are pushing back against new fuel efficiency standards proposed by the Bureau of Energy Efficiency (BEE). The BEE aims to align with Europe's stringent vehicle emission norms, targeting carbon emissions of about 70 grams per kilometre by 2030. Automakers argue that this target is too ambitious, given that gas-powered vehicles will likely remain dominant for the next decade despite ongoing electrification efforts. The BEE, advised by the U.S.-based International Council on Clean Transportation, is advocating for these strict standards to enhance carbon reduction efforts and accelerate the shift to electric vehicles. This would involve hefty penalties for carmakers that fail to comply. Mint’s auto correspondent, Alisha Sachdev, spoke to industry insiders who warn that such stringent rules could drastically impact sales and jobs, as EV technology in India isn't as advanced as in Europe, and the charging infrastructure is still underdeveloped.

Navigating generational differences at work has always been a challenge, but the gap seems to be widening. Today, companies are increasingly cautious about how they handle younger employees, especially those belonging to Generation Z, born between 1997 and 2012. These younger workers often bring a different perspective to the work environment, leading to tensions with older managers. The generational shift reflects broader changes in workplace dynamics. Companies are finding that traditional approaches may not resonate with younger workers, who value flexibility and personal well-being over conventional workplace rewards. The challenges extend beyond daily operations to strategic considerations. Many young professionals joined the workforce during the pandemic, missing out on traditional office bonding, and thus have a different view of workplace expectations. This shift has prompted some firms to link office attendance with appraisals to encourage a return to office settings.

Moreover, younger workers are not shy about voicing their needs or moving on if those needs are unmet. For instance, they might prioritize sufficient holiday time over salary increases, reflecting a shift towards valuing experiences over material gains. Mint’s Devina Sengupta takes a deep dive into the challenges and struggles associated with this generational divide in workplaces.

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.

IITs scramble in last leg of placements, hundreds left to be placed

India plans a new breed of warriors to battle extreme climate impact: Doctors

Much of rural India now has taps, but running water largely remains a pipe dream

Indian automakers resist Europe-like fuel efficiency standards

Why senior managers walk on eggshells around Gen Z at the workplace

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

More rights for foreign airlines: who will fly high?
Unease at coaching centres as NEET lands in SC; govt scraps grace marks
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The curious case of missing voters
13 jun· 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 Thursday, June 13, 2024. My name is Nelson John. Let's get started:

Indian equity benchmark indices, Sensex and Nifty, surged on Wednesday to hit fresh highs, driven by heavyweights RIL, HCL Tech, and HDFC Bank. However, by the end of the session, the indices came off their day's highs and closed with mild gains.

N. Chandrababu Naidu was sworn in as the 18th chief minister of Andhra Pradesh yesterday. Naidu’s term begins under challenging conditions, as he inherits a financially strained state that has been largely overlooked industrially. His Telugu Desam Party (TDP), along with its National Democratic Alliance (NDA) partners, secured a sweeping victory, capturing 164 out of 175 seats in the state assembly. During his campaign, Naidu promised to enhance governance and kickstart economic development, aiming to revive industrial activity and generate two million jobs. However, the financial reality of Andhra Pradesh could complicate these plans. The state is grappling with a high debt level—44% of its GDP—and its finances are stretched thin, primarily going towards revenue expenditures rather than building productive assets. This fiscal strain makes the ambitious welfare promises and the revival of the Amaravati capital project, initially estimated to cost ₹50,000 crore, particularly challenging. Mint’s senior editor N. Madhavan explains the challenges Naidu faces as he takes over from Jagan Mohan Reddy as the CM of Andhra Pradesh.

During the recent Lok Sabha elections, many voters, especially in urban areas, seemed reluctant to visit their polling booths. The Election Commission highlighted this trend, noting that urban voters were particularly hesitant. Ultimately, only about 65.8% of eligible voters cast their ballots, down from 67.2% in 2019. In some regions like Nagaland and Manipur, turnout significantly decreased, while Jammu and Kashmir saw an increase. Why does this matter? Niti Kiran from Mint’s data team explains through charts and maps. Lower turnouts can sometimes indicate voter satisfaction with the current government, which appeared to be the case in this election. The National Democratic Alliance held more seats in areas with lower voter turnout. However, it's not just about the numbers—it's about who shows up, or rather, who doesn’t. Metros saw a sharper decline in turnout compared to rural regions. Despite this, the overall gender gap in voting was virtually non-existent, similar to the previous election. Women turned out in higher numbers than men in nearly 20 states. The reasons behind voter participation or apathy can vary widely from state to state, influencing everything from local policy to national politics.

India is on the verge of significant changes to its organ transplant policies, aiming to address the massive shortfall between the supply and demand of organs. The Union government is considering allowing organ exchanges between unrelated individuals to bridge the gap when blood groups within families do not match, potentially shortening the long wait times endured by patients. Currently, India sees a stark contrast between the need and the actual transplants performed annually, with only 6,000 kidney transplants against a requirement of about 200,000, and even fewer heart transplants, with only 10 to 15 done yearly. One significant move under consideration is the introduction of "swap" donations, where families could exchange organs with one another if they are compatible, a practice currently not allowed for non-relatives. Additionally, the government is in talks with the insurance regulator to extend health insurance coverage to organ donors, who are presently excluded from most health insurance plans. Mint’s Priyanka Sharma reports.

India’s economy is showing signs of resilience in the early part of fiscal year 2025, with industrial activity picking up and retail inflation slightly easing. Mint’s Rhik Kundu reports that inflation dipped to 4.75% in May, the lowest in a year, aided by slower increases in food prices. Despite this, food inflation has consistently stayed above 8% since November, largely the result of uneven and below-normal monsoon rains in 2023, which hit India’s crop production. The Reserve Bank of India has maintained the repo rate at 6.5% since last February, cautiously waiting for inflation to stabilize closer to its 4% target before considering any rate changes. On the industrial front, output rose by 5% in April, supported by growth across the manufacturing, mining, and electricity sectors. Consumer durables saw a particular surge, likely boosted by rural spending and seasonal purchases.

Boeing, the US aerospace giant, is on a mission to regain trust following several unsettling incidents involving its planes. Recent problems, such as the uncontrolled decompression on an Alaska Airlines flight and stuck rudder pedals on a United Airlines flight, have intensified scrutiny on the company. Top executives from airlines like United and Emirates are closely monitoring the situation. They believe Boeing needs to return to its roots—prioritizing solid engineering and quality over financials. They remain hopeful but cautious, expecting Boeing to improve its performance. Mint’s aviation correspondent Anu Sharma reports on the company’s plan to enhance its safety and quality standards, including increased workforce training and streamlined processes to prevent future issues.

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 | Why Naidu faces a daunting task in Andhra Pradesh
Lok Sabha poll: The mystery of the absent Indian voter in 2024, in charts
Retail inflation eases, factory output ticks higher in May, boosting Indian economy
Swap organ donation for other than near relatives, health cover for organ donors
Airlines ready to trust Boeing again, but want quality and safety in place
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Another down year for IT stocks?
12 jun· 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 Wednesday, June 12, 2024. My name is Nelson John. Let's get started:

The equity markets remained flat on Tuesday, with no major gains or losses across any market indices during the trading session.

The financial year 2023-2024 was largely forgettable for information technology (IT) stocks. Revenues were low across the board, leading to muted stock prices for companies such as TCS, Infosys, and HCL Tech. Mint correspondent Harsha Jethmalani notes that the situation isn't expected to improve in the current financial year. The revenue guidance for these companies is bleak, with growth expectations of just 1 to 3 percent. If you hold IT stocks, Harsha's detailed analysis is a must-read.

Now that the portfolios have been allocated, the real work begins. The new government must reconstitute the parliamentary committees that are the backbone of India's policymaking process. Subhash Narayan, Manas Pimpalkhare, and Rituraj Baruah report that major parliamentary panels, such as finance, IT, and defence, are likely to retain their current heads to maintain policy continuity and ensure a quick rollout of reforms. Each ministry has a parliamentary committee that plays an advisory role in policymaking. Those concerned about big-ticket reforms slowing down due to a coalition government might find reassurance in this story.

Early last year, there was much celebration as scientists discovered high reserves of lithium in Kashmir. The Geological Survey of India found about 5.9 million tonnes of the precious metal. Lithium is crucial for many sectors, including infrastructure and electric vehicle batteries. However, the initial excitement has since died down. Sumant Banerji notes that one concern is the location of these reserves — just 50 kilometres from the Pakistan border. Additionally, such discoveries take a long time to realize, potentially decades before mining can begin. Despite this, lithium is the future, and corporate India remains eager to win bids for these mines. While the response is currently lukewarm, Sumant writes that interest will increase as the mines become more viable for exploration.

Online shopping has become an integral part of our lives, leading to many malls shuttering and others struggling to survive. However, real estate developers remain optimistic about brick-and-mortar stores. Madhurima Nandy reports that the organized retail space is poised for a significant upsurge, with around 45 million square feet set to be added by 2028. Despite the closure of smaller malls, larger ones are thriving with better occupancy rates and increased footfall. If you live in the National Capital Region, Hyderabad, or Chennai, expect to see more retail stores popping up near you.

Here are some movie names for you: All We Imagine As Light, All That Breathes, Agra, and Kennedy. What's common between them? They're all international film festival-winning movies from India. You know what else is common? You probably haven't seen them. The Indian cinema industry has made it difficult for these movies to get a theatrical release in the country. Lata Jha writes that such movies need to spend at least 3 to 4 crore rupees on marketing — a budget they can't afford. Even if they receive international acclaim, some might make it to theatres but only in major metro cities. It's an unfortunate development, as the industry has shifted to a model focused on maximizing profits, leaving indie movies out of the ecosystem.

We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.

Show notes:

IT companies' revenue revival seen delayed to FY26

After government formation, focus now on parliamentary committees
No white gold rush: Why interest in Kashmir’s lithium reserves is lukewarm
Why developers are shopping for offline retail
Festival favourites struggle for screen time in Indian cinemas
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Modi 3.0 to greenlight more international flights
11 jun· 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 Tuesday, June 11, 2024. My name is Nelson John. Let's get started:
Indian benchmark indices closed in the red on Monday, ending a three-session streak of gains. The Nifty fell by 0.13%, while the Sensex dropped by 0.27%.
India's IT giants, Tata Consultancy Services (TCS) and Infosys, have seen a significant decline in their younger workforce over the past couple of years. According to an analysis by Mint’s IT correspondent Jas Bardia, the share of employees under 30 at TCS has decreased from 59% in FY22 to 50.3% in FY24. Similarly, Infosys has seen a drop from 60% to 55% during the same period. This trend is not due to AI replacing jobs but rather the IT sector's slowdown in hiring following a period of subdued growth. Analysts note that both companies, along with others like Cognizant and Wipro, have a substantial portion of their workforce based in India. TCS and Infosys are particularly transparent about their younger employee demographics.
Just last week, Nvidia briefly surpassed Apple to become the world's second most-valuable company, reaching a market capitalization of $3.01 trillion. This milestone left Nvidia's CEO and shareholders in high spirits but also raised concerns among analysts about the company's future trajectory. What's behind Nvidia's meteoric rise? According to Mint’s Shouvik Das, it's all about AI. As AI technology like OpenAI's ChatGPT gained prominence, Nvidia's GPUs, for long a favourite among gamers, became essential for major companies globally. This surge in demand has placed Nvidia in a favourable position—its chips are now on a years-long waitlist, allowing the company to set premium prices.
India is on the brink of a significant boost in international air travel. The government is considering greenlighting more international flights due to a surge in demand, sparking a mix of reactions within the aviation industry. Akasa Air and several foreign airlines are in favour of increasing flight rights, but Air India is strongly opposed. Discussions, which began pre-election, are focusing on potential increases to destinations where flights are already at capacity, such as Dubai and Qatar. This could lead to more air traffic and more options for travellers. However, the impact on Indian carriers is a major concern. While newer airlines like Akasa are eager for the expansion, fearing that limiting flights will lead to skyrocketing airfares, Air India worries that it might hinder their growth and plans to become a major global hub. Airlines like Emirates and Saudia are also pushing for more access, arguing that the current caps no longer reflect the growth in air travel demand, especially from the booming Indian diaspora. Mint’s aviation correspondents Anu Sharma and Mihir Mishra report on the evolving landscape of Indian aviation.
Maniraj Pattamsetti, a mechanical engineering graduate from Bengaluru, hoped Simplilearn Solutions' job guarantee programme would be his gateway to a new career in data science. Despite investing over ₹2 lakh and completing a six-month course, Pattamsetti found himself working a customer support role in a BPO, earning far less than promised, without any job offers in his field of study. Simplilearn, valued at $600 million and backed by Blackstone, had assured Pattamsetti and others a job with a minimum salary of ₹5 lakh per year post-completion, with a full refund if they failed to secure employment. However, two years later, only 271 out of 900 enrollees landed jobs through the programme. Many, like Pattamsetti, feel cheated, having invested significant amounts into an education that didn't pay off as expected. Mint’s startup correspondent Samiksha Goel reports on the situation, which has led to numerous complaints, with some students considering legal action against Simplilearn. The company, however, has stopped the programme and moved on, leaving many students grappling with debt and disappointment. This scenario underscores the challenges within the edtech sector, where aggressive sales tactics and over-promising can lead to significant consumer dissatisfaction.
As Xiaomi marks a decade in India next month, the tech giant remains undaunted by the Indian government's cautious stance towards Chinese companies. In an interview with Mint’s tech correspondent Shouvik Das, Xiaomi India's President, Muralikrishnan B, outlined the company’s ambitious three-year strategy to solidify its brand presence and enhance local manufacturing efforts.Despite past market dominance, a recent sales dip has spurred Xiaomi to implement a robust recovery strategy. This includes revamping its image in the premium segment, enhancing its ecosystem of devices, and balancing sales across online and offline platforms. In an industry where local sourcing and manufacturing are increasingly crucial, Xiaomi claims that nearly half of its non-semiconductor components, including key elements like camera modules, are procured locally. This effort aligns with ongoing discussions to encourage more of Xiaomi’s supply chain partners to establish operations in India, further deepening its local integration.
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:
TCS, Infosys witness dip in younger employees
Mint Primer | Intelligent bet: Can Nvidia keep up its swift rise?
Modi 3.0 may increase quota for foreign flights
Hard lesson: The dark reality of Simplilearn’s job guarantee plan
Xiaomi India eyes increased localization, Apple-like ecosystem
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How will the aam aadmi afford a trip to the movies?
10 jun· 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 Monday, June 10, 2024. My name is Nelson John. Let's get started:
The markets are still recuperating from the bloodbath from election results day. However, it wasn't so bad for all of them: Ram Sahgal writes that retail investors, who buy and sell shares directly, outsmarted the broader market. Instead of buying while the markets were rising prior to the results, retail investors sold heavily. These stocks were bought by foreign portfolio investors, as well as mutual funds. When the market tanked by nearly 6 percent the following day, retail investors were fairly safe, while the other sets of investors were left holding the losses. This was a rare case of the average investor outsmarting larger, institutional investors, Ram writes.
Public sector utility stocks have continued to fare poorly since the election results were announced. The formation of the coalition government has exposed these PSUs to certain risks. As Manish Joshi points out, the coalition members would have opinions about sensitive issues such as the price of fuel and electricity. These decisions may be taken to placate the political partners — but might not be fundamentally sound for the businesses. Subsidised rates in electricity, in particular, are concerning. Investors might steer clear of these stocks until the new government is established and takes some policy decisions.
Corporate India always waits to see which sectors get a boost after a new government is formed. This time around, consumer goods companies might have some reason to cheer: a post-election analysis by brokerage firms says that the new government is likely to roll out "pro-consumption initiatives". Suneera Tandon writes that this could provide a boost for FMCG stocks. The central weather department has predicted that India will see a normal monsoon this year — another positive sign for these consumer goods companies. FMCGs have had a rough couple of years, owing to increasing prices due to inflation. On their part, FMCGs are investing heavily in improving their distribution networks to improve their revenue, notes Suneera.
In India, the heart of the jewellery market is the wedding market. In its early days, Tanishq didn't exactly understand that: much of its marketing was aimed at a different target market. The jewellery business in India is worth some 50,000 crore rupees — but Tanishq was only pulling in a revenue of about 500 crore rupees. CK Venkatraman, ex-COO of Tanishq, details how the company went from this feeble income to the behemoth it is today. Venkatraman writes it in his own words in his book titled "The Tanishq Story", an excerpt of which we have published.
Movie ticket prices have slowly been creeping up. Once in a while, you'll notice that tickets are available for a flick you want to watch — but they cost an arm and a leg! That's because movie theatres in India are increasingly turning premium. Multiplex chains insist on creating fancy infrastructure for movie theatres, while theatres in tier 2 and 3 cities have been dying for a few years. This contrasting trajectory means that the common man is being priced out of going for movies. Lata Jha takes a deep dive into the cinema industry, and writes about its developments — both the good and bad.
We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.
Show notes:
Retail investors outplay FIIs, MFs on 4 June
Will PSUs lose their thunder in Modi 3.0?
Brokerages see likely gain in FMCG stock with BJP’s return to power
How Tanishq broke into the bridal jewellery market in India
Luxury-format cinemas: Where tickets cost an arm, and popcorn, a leg
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What ‘Modi 3.0’ means for your investment portfolio
7 jun· 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, June 7, 2024. My name is Nelson John. Let's get started:
Indian benchmark indices closed higher for the second day running, buoyed by progress on the formation of a new government by Narendra Modi-led NDA alliance. Both Sensex and Nifty gained almost one per cent on Thursday.
With the Bharatiya Janata Party led by Modi securing a fractured mandate, India's back to coalition politics. So, what does this mean for the big reforms we've been hearing about? Mint’s Sumant Banerji explains in today’s Primer. Well, green energy reforms like renewables and electric mobility are likely still on the menu. Modi himself has been big on green energy, talking it up in his post-election speech. We've already seen initiatives like the Production-Linked Incentive schemes boosting local manufacturing of EVs and lithium cell batteries. Expect more of these sector-specific perks to roll out, including the next phase of the Faster Adoption and Manufacturing of Electric vehicles (FAME) scheme. But what about the sticky issues of labor and land reforms? These have always been tough nuts to crack, and with a coalition, don't expect any sweeping changes soon.
Speaking of reforms and policy decisions that could be put on hold as a result of a coalition government, the BJP might have to give up on its ambitions of introducing a nationwide Uniform Civil Code. Key coalition partners, including the Telugu Desam Party (TDP) and the Janata Dal (United) or JD(U), have expressed their opposition to the UCC, Mint’s Dhirendra Kumar reports. The proposed UCC aims to standardize personal laws across all religions in India, addressing marriage, divorce, and inheritance with a single legal framework. However, the nuanced victory in the elections means the BJP must rely more heavily on its allies, making contentious legislation like the UCC difficult to advance.
Soon, navigating from Google search results directly to a hotel’s website or Google Maps might become a thing of the past. This change stems from the proposed digital competition bill aimed at putting a stop to anti-competitive behaviours. This proposed bill is about stopping companies from mixing personal or business user data across different services without clear user consent. It also talks about ending 'self-preferencing'—which means a platform can't push its own services in search results. Mint’s senior editor Gireesh Chandra Prasad spoke to industry experts who believe the law intends to enhance market competitiveness and benefit consumers. However, there's concern that broad prohibitions could backfire, diminishing user experience and product effectiveness. For instance, due to these restrictions, users might soon find themselves taking multiple steps to transition from a Google Search result to Google Maps.
Bollywood is hitting the pause button on new projects as the industry grapples with skyrocketing star fees and unpredictable audience tastes. Despite a 20% surge in actor fees post-pandemic, the returns aren't matching up, with several high-profile films flopping at the box office. Big names like Salman Khan and Ranveer Singh are seeing projects stall or fall apart, indicating a deeper malaise in the industry. Cost concerns are forcing some ongoing projects to seek tax rebates by filming in specific locations, while others are slashing marketing budgets to keep expenses in check. A significant challenge lies in the reluctance of stars to accept revenue-sharing models, opting instead to wait out the storm with income from endorsements and social media, rather than lowering their fees. Mint’s media and entertainment correspondent Lata Jha reports on the delay the Hindi film industry is facing with new releases.
On June 4, the day election results were announced, investors showed evident fear of a coalition government forming at the centre. With the Bharatiya Janata Party's decade of dominance potentially giving way to coalition politics, market jitters have surfaced, but experts argue that investor panic might be exaggerated. The term ‘coalition’ often triggers fears of fiscal irresponsibility due to the complex dynamics of coalition governance. However, it's worth noting that some of India's most significant economic reforms have emerged under coalition governments. These include the economic liberalization initiated by P.V. Narasimha Rao, the Fiscal Responsibility and Budget Management Act under Atal Bihari Vajpayee, and the Mahatma Gandhi National Rural Employment Guarantee Act during Manmohan Singh’s administration. These historical precedents suggest that coalitions can indeed facilitate substantial economic reforms. Mint’s Abhishek Mukherjee examines what a coalition government could mean for the stock market and how the third Modi government may requisite some tweaks in your portfolio.
We'd love to hear your feedback on this podcast. Let 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:
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Understanding the market's roller-coaster ride
6 jun· 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 Thursday, June 6, 2024. My name is Nelson John. Let's get started:
After suffering the worst crash in four years, the Indian equity markets bounced back yesterday to recoup some losses recorded on Tuesday. Nifty and Sensex rose around 3.2% each.
The last three have been a roller coaster for investors. Why have they been reactionary and jittery? Ram Sahgal has the answer: BJP being unable to secure a simple majority on its own has spooked investors. They feel that the new NDA government will have to resort to populist measures in order to effect some damage control. This could potentially delay major infrastructure projects like new airports or bullet trains, making market participants unhappy. Ram explains that future market movements will likely be based on which politician gets which ministry in the new government.
Like the broader market, Tech Mahindra too rose more than two percent yesterday. But a broader look at its share price and financials would have any investor worried. The IT company's net profit crashed by more than 40%, while revenue declined too. While the overall picture for the IT sector looks grim, Tech Mahindra, in particular, seems to have borne the worst of it. Still, it's not a small company with a total revenue of more than $6 billion. But for Mohit Joshi, this situation provides an opportunity. Joshi took the reins of the company in December 2023. He wants to transform Tech Mahindra into an upper-tier IT company that competes with TCS and Infosys. As Shelley Singh outlines, this is easier said than done. Joshi has his work cut out for him, but the only way for Tech Mahindra is up.
One of the main issues in this year's general elections was jobs — or the lack thereof. Creating new jobs should be a central focus of the new government. Devina Sengupta writes that two-thirds of Indian citizens are now under 35 years old. This statistic means that the ongoing job crunch will only worsen as more of India comes of working age. Analysts told Devina that the focus needs to be on higher-paying jobs and getting small and medium businesses to hire employees on a larger scale. Tier 2 and beyond cities especially have immense scope to create and localise jobs, they added. Lastly, a concerted effort needs to be made in the labour market, which is dominated by migrant workers. It's a tough task ahead that will almost immediately assume importance for the new government.
If you've been in the market for earphones, it's tough to look past Boat. The electronics company, which started with audio and then moved into wearables, provides a tonne of cheap options for earphones, speakers, and smartwatches. As Sowmya Ramasubramanian and Samiksha Goel write, the company transformed the domestic market for wearables by unleashing an affordable range of products. But now, you have plenty of other options in the same segment, lowering Boat's market share. Now, the company plans to reset its focus to audio, a segment providing 80 percent of its revenue. It's going to take a step back in the wearables segment to assess its options, according to Sowmya and Samiksha's report.
For the longest time, a small car in India usually meant a Maruti Suzuki. The 800, Alto, Zen, Swift, Wagon R... the list goes on. But the winds of change have reached the country's biggest carmaker. Alisha Sachdev reports that Maruti Suzuki will now shift its focus to bigger cars. There's a very good reason for this: every other car sold today in India is an SUV. Maruti wants to strengthen its presence in the SUV, EV, and hybrid segments moving forward. This will also see Maruti dip out of sedans too, a segment where it's only been selling the Ciaz and the market-leading Swift Dzire.
We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.
Show notes:
Why markets will remain volatile until the new govt is formed
Can Mohit Joshi catapult Tech Mahindra into the big league of Indian IT?
New government must focus on jobs, get more women to join labour force
boAt helped make smartwatches affordable for Indians. That’s now come to bite it
Maruti Suzuki begins portfolio revamp strategy
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Coalition politics is back as Modi looks at a third straight term
5 jun· 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 Wednesday, June 5, 2024. My name is Nelson John. Let's get started:

The people have spoken. Results of the 2024 General Election are here, and the Bharatiya Janata Party-led National Democratic Alliance is set to form the government at the Centre. This time, however, no single party got an absolute majority. Far from the centre’s seat of power in Delhi, Dalal Street in Mumbai saw a milestone day. The last two days have been a rollercoaster ride for the Indian markets. The markets, which were soaring a day before results - on the back of a strong comeback predicted for the BJP by pollsters - saw a day of bloodbath on Tuesday. Investors lost more than ₹31 trillion on Tuesday as benchmark indices plunged. Both Nifty and Sensex saw a fall of close to 6 per cent - the biggest since the first pandemic-induced lockdown was announced on March 23 2020. Mint’s markets correspondent Ram Sahgal reports on the biggest market crash in four years.
Coalition politics is back. A decade after the BJP won a majority on its own for the first time, NDA - the coalition led by it, is seeing a comeback to power. Narendra Modi is set to become the Prime Minister for a third straight term. While the NDA’s tally of about 290 is nowhere close to the government’s call for “400 paar”, the coalition made a dent in key southern states. The BJP finally breached Kerala, winning one seat in the state. In Tamil Nadu, the BJP failed to open its account but saw its vote share rise to 11% from earlier 3.7%. The opposition INDIA bloc is likely to secure 234 seats led by the Indian National Congress, which has nearly doubled its strength in Parliament to 99 seats. The crown jewel of the BJP’s electoral victories in the past - Uttar Pradesh - favoured the opposition alliance over the BJP. The Congress and the Samajwadi Party-led INDIA bloc outnumbered the NDA by 43 to 33. Modi’s BJP also broke into new territories in the east - notably Odisha, where it not only swept the Lok Sabha election but also closed in on a majority in the state assembly. The results also imply that Modi will now have to rely on his allies - mainly TDP’s Chandrababu Naidu and JDU’s Nitish Kumar - for a stable government at the centre. Mint’s Sayantan Bera and N Madhavan report on the results of the world’s largest election.
N Madhavan also explains the verdict of 2024 in today’s Mint Primer. From a setback for the BJP in the heartland states of Rajasthan and Uttar Pradesh, to the return of regional parties, the 2024 verdict was full of surprises. Despite holding 206 public meetings and rallies over the course of the last 45 days, it became evident that Modi’s magic too has its limits. The Lok Sabha will also boast of a stronger Opposition - something that was missing for a decade. Another insight from the verdict is how inaccurate exit polls can be. Most of the pollsters missed the mark massively this election.
As the BJP-led NDA appears set to continue its tenure with a reduced majority, industries across India are looking forward to policy stability and the extension of current incentives. The technology sector is particularly focused on advancing India's semiconductor capabilities, enhancing AI regulation, and implementing crucial digital laws such as the Digital Personal Data Protection Act and the upcoming Digital India Bill. Meanwhile, the telecom sector anticipates the enactment of new rules under the forthcoming telecom bill, along with potential tariff revisions. The aviation industry hopes for the establishment of global aviation hubs, and a reduction in jet fuel taxes to improve operational economics. There's also a significant focus on incentives for electric vehicles and regulations affecting fuel economy and emissions, which are crucial for the road transport sector. Gulveen Aulakh takes a look at the expectations of major industrial sectors from the upcoming government at the centre.

Yesterday's results had one outstanding result: that the BJP would not be able to form a government on its own. We invited Surjit Bhalla, economist and author, to opine on this historic result. Bhalla writes that no exit poll got this election right — especially the rise of the INDIA coalition. UP, West Bengal, and Maharashtra stood out for the new age coalition group. Bhalla also writes that the lower turnout could have hampered the NDA's chances at a greater majority. Lastly, he writes that this election is a victory for many stakeholders, but none bigger than the one for the average Indian voter, who has made their voice resonant.

We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.
Show notes:
Slender win for NDA queers pitch for street, investors lose ₹31 trillion
INDIA heat wilts lotus, coalition saves the day
Mint Primer: The 2024 verdict in three minutes
Mint Explainer: What major industries expect from the next government
Failure has many mothers: The Indian voter gets it right again
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Markets reach new highs after exit poll results
4 jun· 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 Tuesday, June 4, 2024. My name is Nelson John. Let's get started:

The markets surged on Monday, after every exit poll predicted the BJP to come back to power. Nifty was up 3.25 percent, while Sensex surged by 3.39 percent. Experts told Ram Sahgal and Dipti Sharma that the markets could still zoom by 2 to 3 percent today if the BJP wins 400 or more seats. However, some of them advised caution: this sudden uptick could mostly be attributed to the election resultsn, but the highs may not last too long if investors start quickly booking their profits later in the week.

While the stock market is already seeing a huge push, what about India's economy? The world's fastest growing economy needs some energy to sustain the run it is on. N. Madhavan writes that a third term with a stable government at the helm can bring about policy changes and unleash new reforms that could accelerate India's growth. While the infamous GST has finally settled into India's economic framework more than seven years after it was introduced, other areas like labour, land, and agriculture need to be relooked at by the next government.

It's simple enough to say that the next government "has to fix the economy". It's a broad target, and one that is understandably difficult to achieve. Our partners at howindialives.com list out some other challenges that need fixing: joblessness, private capital expenditure, and exports to name a few. Along with these ideas, they add some charts to show the potential that India has in excelling in these fields, but there's still work to be done. In particular, this story notes that a determined government could help India and its economy reach its full potential.

It's time to say good bye to Vistara: by the end of 2024, the Tata Group plans on shuttering the Vistara brand. Anu Sharma reports that the Tatas plan on starting 2025 with just two main brands: Air India, and Air India Express, its low-cost counterpart. After a lengthy process, the Tata Group won the ownership of Air India in 2022 — welcoming the airline it had first started. It had planned to integrate all three of its brands: Air India, Vistara, and Air Asia into a simplified version, which will now just have Air India and AI Express in around 8 months.

Conducting the world's biggest exercise in democracy is not a simple feat. The polling, which lasted for 7 phases across 44 days, finally came to an end last week. But the preparation for these 44 days begins months in advance. Krishna Yadav presents an on-ground report on how difficult it is to organise such a humongous activity for millions of voters across the length and breadth of India. He travels from Delhi to Himachal Pradesh, and speaks to prior and current officials in charge of making sure that every India can try and cast their vote. From security to routes to the voting ink, read this story for a great overview of how difficult the entire process is.

We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.
That’s all for today. Thank you for listening.

Show notes:
Market to take cues from surprises to exit poll results
Will the poll give India’s economy another boost?
The five big economic challenges before the new government
Air India to operate as merged entity from 2025; no Vistara brand by year-end
How Election Commission orchestrated the ‘big fat Indian wedding’
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Markets eye surge on exit poll predictions
3 jun· 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 Monday, June 3, 2024. My name is Nelson John. Let's get started:
2024’s marathon seven-phase elections finally came to an end on Saturday, with voters across 57 constituencies exercising their democratic rights. In just 24 hours, elections officers across the country will start counting votes that will decide the future of India. The pollsters, however, have already spoken. Almost all of the exit polls predicted a sweeping victory for the BJP-led National Democratic Alliance , and along with a third term for Prime Minister Narendra Modi. Buoyed by the poll predictions, market experts expect Nifty to surge by 2.5-3% when markets open today. This expectation is leading to a scramble among foreign institutional investors and proprietary traders to cover short positions, anticipating the NDA securing well over the expected 300-310 seats. Exit polls predict around 350 seats for the NDA, with some forecasts even suggesting as many as 400 seats. This is likely to boost market sentiment as it solidifies expectations of continued policy and fiscal stability. Mint’s markets correspondents Ram Sahgal and Dipti Sharma report the bullish sentiment among traders on D-street on the eve of election results.
Artificial intelligence systems, often compared to "black boxes," work in complex ways that are hard to explain. Like the human brain, they process information through multiple layers but, unlike humans, their decision-making paths are not easily traceable. This makes it difficult to understand why an AI makes certain choices, such as a self-driving car failing to stop for a pedestrian. To address these challenges, the field of explainable AI or XAI aims to make AI decisions more transparent and understandable. Mint’s senior editor Leslie D’monte explains the emergence of this new field, which involves developing methods to clarify AI processes, auditing these decisions, and implementing regulatory measures to ensure accountability. Companies like Google, Microsoft, and IBM, alongside research institutions and government bodies, are actively working on XAI technologies.
India's external debt, at 18% of its GDP, is relatively low among G20 countries, as pointed out by Finance Minister Nirmala Sitharaman. However, to fully understand what India owes to other countries, it's better to look at the International Investment Position, which covers all foreign financial assets and liabilities. This includes the country's reserves and any domestic assets owned by foreigners, such as investments and loans. India's net international investment position is negative, meaning the country owes more to the rest of the world than it owns in foreign assets. This debt increased from 60 billion dollars in 2003 to 396 billion dollars in 2023, rising from 9.9% to 11.1% of its GDP. This status places India among countries that owe more internationally than they possess, writes Deepa Vasudevan.
In India, the services sector is taking the lead when it comes to starting new businesses. Out of nearly 16,000 firms that popped up in April, 72% were in services, while manufacturing tagged along at 15%. That’s what the latest data from the Ministry of Corporate Affairs tells us. This isn't just a one-off thing; services have been dominating the new business scene for a while. As of April this year, 65% of all active companies in India were in the services sector. That's a jump from 61% back in 2015. Throughout the last financial year, the services sector consistently claimed 70-72% of all new business registrations each month, dipping slightly to 69% in April 2023. So, what kind of services are we talking about? Well, it's a broad mix—everything from schools and hospitals to fitness centers and professional associations. Mint’s senior editor Gireesh Chandra Prasad reports these numbers.
India’s savings landscape is seeing a potential shift, claim economic analysts. After years of decline, financial savings—like cash, bank deposits, and investments—might actually be on the rise. In 2011-12, these savings were 7.4% of our GDP, but by 2022-23, they dropped to 5.3%. Now, Goldman Sachs and Crisil suggest we might see these savings bump up to 6% of GDP for 2023-24. What's driving this? Even though our economy grew by 8.2% last year, it looks like households might be tightening their belts, possibly boosting their savings as private consumption cools down. But what does this mean for the economy? Normally, if folks are saving rather than spending, it's not great news for economic vibrancy. However, these savings do provide essential funds for businesses to invest and grow, so it’s not all doom and gloom.
Looking at the broader picture, India’s total savings rate, which combines savings from households, businesses, and the government, dipped from about 35% of GDP in 2011-12 to 30% by 2022-23. But for the current fiscal year, it's expected to inch up slightly above 31%. The drop over the past decade is mainly due to a decline in household savings, which fell from about 24% of GDP to 18%. This Long Story by howindialives.com takes a deep dive into the rise in India’s savings, and whether it is a sustainable rise.
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 likely to open higher as exit polls signal sweep for NDA
Will decoding AI ‘black boxes’ make AI models safer?
India can cheer its low debt, but here’s the catch
At 72%, service sector dominates new business registrations in April
Indians may have saved more in FY24. Is the rise sustainable?
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Where are the jobs for MBA grads?
31 mei· 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, May 31, 2024. My name is Nelson John. Let's get started:
It's been a rough week for stockholders: the Indian equity markets fell slightly again on Thursday. Nifty was down by 0.95 percent, while Sensex dropped 0.83 percent.
The Reserve Bank of India released its annual report yesterday. It said that despite challenges, India is set to grow faster and stronger over the next decade. RBI noted the resilience of the Indian economy in the face of multiple external factors, including geopolitical tensions and risks due to climate change. Shayan Ghosh and Gopika Gopakumar write that another challenge that the RBI specifically pointed out was the rapid development of artificial intelligence, as opposed to being treated as an opportunity. Interestingly, a deficient monsoon meant that India had to over rely on manufacturing and services sectors to power its 7.6 percent growth last year.
Thierry Delaporte's time as the CEO of Wipro was a rocky one. He was set to be at Wipro's helm for five years, but could barely eke out 14 months. Despite the short stint, he became one of the richest executives in India's IT sector. When Delaporte was asked to resign by Wipro chairman Rishad Premji, he was told he could have a hefty severance — 4.33 million dollars, or 36 crore rupees. However, public investors weren't too thrilled at such an expensive severance package: Varun Sood reports that more than 75 percent of investors voted against it. However, strong promoter holding meant that Premji could guarantee Delaporte his exit pay. It's a rare dispute between investors and the management in a company as well managed as Wipro, Varun writes.
It's not been a good year for MBA students: a Deloitte report said that campus placement budgets for business graduates had fallen by 33 percent. This is the first time companies have reduced their budgets for freshers. Even top engineering colleges have failed to attract recruiters this past placement season. Devina Sengupta writes that a global economic slowdown has affected foreign companies hiring Indian graduates, while other companies are looking for hires that require minimal training. It's a dim job market out there.
Chinese EV makers were hoping to expand across the globe, but the options are dwindling. First, the European Union planned to increase their import duties to around 25 to 30 percent on these vehicles. Next, the US said it would increase the taxes to 100 percent of the car's value. And now, the next most viable foreign market, India, might soon lose out too: the central government is ramping up its efforts to monitor the dumping of Chinese EVs in India. Dhirendra Kumar reports that senior government officials are worried that after being shunned from the western markets, these automakers will fill the Indian market with cheap electric cars. Officials are considering raising the import duties on electric engines, or imposing stringent quality checks to protect Indian car makers, reports Dhirendra.
At one point, old age homes were the only available option for senior citizens. But today, we have independent senior living — an arrangement where retirees stay alone, with services such as meals and health checkups provided regularly. By 2050, India will be home to more than 17 percent of the world's elderly population. That provides a huge market for senior living, but at the moment, it's a luxury that only the affluent can afford. Madhurima Nandy takes a deep dive into this industry, and writes about the present situation, the opportunities, and the challenges for senior living to become a viable part of India's booming real estate market.
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:
India poised for stronger growth over next decade amid AI, climate risks: RBI
Wipro’s public investors baulk at ₹36-crore severance to Delaporte
B-school grad? You may be paid less this year
Govt steps up vigilance against Chinese EV battery
In Indian real estate, senior living is still in the junior league
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Why heatwaves are getting hotter and longer
30 mei· 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 Thursday, May 30, 2024. My name is Nelson John. Let's get started:

Indian benchmark indices closed in the red for the fourth straight session on Wednesday. BSE’s Sensex closed 0.89 percent below its previous close, while NSE’s Nifty was down 0.8 percent.

Delhi hit a blistering 52.3 degrees Celsius on Wednesday, marking its hottest day in history. The scorching summer sun has been draining the energy of Delhiites. Earth sciences minister Kiren Rijuju later said this was “not official yet” and described such a high temperature as “very unlikely” while asking the weather office to verify the report. Unfortunately, it is not just the people of Delhi-NCR who are suffering; the entire country is grappling with a nearly violent heatwave. Moreover, heatwaves are becoming more prolonged and intense. So, what causes a heatwave? Experts attribute this to two factors: One is El Nino, the infamous weather phenomenon frequently in the spotlight, and the second is the presence of high-pressure areas over southern peninsular India. Mint’s senior editor, N Madhavan, examines the long-drawn heatwaves and the reasons behind their
increasing duration in today’s Mint Primer.

In the world of stock trading, it’s crunch time, much like the final overs of a gripping cricket match. As India nears the end of its Lok Sabha elections, with the last votes being cast this Saturday and exit polls expected the same evening, investors are on the edge. Recently, there's been a notable shift in the stock market, particularly among retail and high-net-worth investors. These individuals, often referred to as the 'Client' category by the NSE, have traditionally been savvy, sometimes even outguessing foreign institutional investors (FIIs) in predicting market trends. However, in a striking move, they’ve significantly scaled back their bullish positions on Nifty and Bank Nifty futures. Conversely, foreign investors, who were net bearish in mid-May, flipped their stance to net bullish by the end of the month. This shift suggests a mix of caution and repositioning as everyone braces for the election results. Mint’s markets correspondent Ram Sahgal spoke to experts who pointed out that the market is playing between a position of optimism and caution.

The 'None of the Above' (NOTA) option in Indian elections hasn't quite stirred the political pot as some might have hoped. Despite being around for a decade and touted as a tool for voter dissent, its impact has been minimal. In the last couple of Lok Sabha elections, barely 1% of voters chose NOTA. It has gained slightly more traction in places like Bihar and Odisha, particularly in tribal areas, but it’s still not causing major ripples.

To break it down: in both the 2014 and 2019 elections, the majority of the 543 Lok Sabha seats saw less than 1% of voters picking NOTA. About a third of the seats saw slightly higher engagement, with 1-2% opting for it, but only a very few seats saw it cross the 4% threshold. Interestingly, its popularity dipped in 2019. Mint’s senior assistant editor Niti Kiran takes a closer look at the impact of the NOTA option on India’s elections.
Chart links:
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The United States is preparing to discuss a preferential trade agreement with India, according to U.S. Ambassador Eric Garcetti. In an interview with Mint’s Gireesh Chandra Prasad, the former mayor of Los Angeles indicated that while Washington isn't exactly eager to sign free trade agreements, it is open to exploring trade opportunities focused on specific products or sectors. This move aligns with the two nations' ambitious goal to double their trade to $500 billion by the end of the decade. Relations between the two countries have been improving, highlighted by the resolution of six trade disputes last June. Following this, India reduced customs duties on several U.S. goods, including apples and almonds.

Last year, Amazon called off its deal to buy MX Player, a video platform owned by Times Internet. Now, after almost a year of back-and-forth, the e-commerce giant is back at the negotiating table with Times Internet, reports Mint’s Gaurav Laghate. Initially, Amazon valued MX Player at about $60 million, while Times Internet was seeking over $100 million. Fast forward to now, and MX Player's situation has worsened. Its valuation has dropped further due to financial struggles, including a substantial debt of about ₹2,500 crore (roughly $300 million). While Amazon remains interested, it has made it clear that it won't take on that debt.

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 | Into the 50s: Why heatwaves are hotter & longer
In a market segment with its ear to the ground, apprehension is rising
After two big polls, Nota remains a one-percenter
Washington ready to discuss preferential trade deal with India: US Ambassador
Amazon to buy MXPlayer from Times Internet
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Why political parties are wooing women voters
29 mei· 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 Wednesday, May 29, 2024. My name is Nelson John. Let's get started:

The Indian equity markets fell slightly on Tuesday. Nifty was down by 0.19 percent, while the Sensex dropped by 0.29 percent.

We've got a pretty hot edition for you today: a lot of our top stories of the day have to do with the summer. Let's get into it.

The summers are here — and with it, comes enormous demand for power. Temperatures are a good indicator of the demand for electricity, but that can vary a lot for a given place — and even on the same day. 2024 is shaping up to be warmer than last year , which would mean that India's power demand will peak again at some point in the next few weeks. Can India keep up with this fluctuating demand? Our partners at How India Lives . com try and answer that in five succinct charts.
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The heatwave is also bad news for automakers. Fewer people are stepping out to escape the sun, and in turn, fewer prospective buyers are going to the showroom to look at cars. Sales in May are sharply down from the same period a year ago, reports Alisha Sachdev. But the heatwave isn't the only one at fault: the election cycle, as well as a lack of auspicious days are also to blame. To counter that, dealerships are offering widespread discounts and doorstep deliveries. If you're in the market for a new set of wheels, now might be the time to capitalise.

Despite a record harvest, wheat prices are still rising. Lower production due to untimely rains in some states has marred the distribution for wheat. This might push the Indian government to allow the import of wheat, which is currently banned. While currently wheat prices are fine, they might steadily but surely rise as there's less wheat stock in the market. Sayantan Bera explores the current predicament and the future outlook in this Mint Primer.
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For global media conglomerate Walt Disney, a particular piece of inheritance in India has turned into a white elephant. When Disney bought out 21st century Fox, it also received a 30 percent share of Tata's DTH company, Tata Play. However, sources told Gaurav Laghate that Disney wants nothing to do with this business. The Tata Group has refused to buy Disney out, and other buyers aren't interested either — further complicating the matter. The Tatas had hoped to IPO this company in at least three different instances, but decided against it. Tata Play has now become the strange DTH that nobody wants to play with.
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The Indian society isn't firmly patriarchal anymore: women now have various rights, and more importantly, cash in hand. Romita Datta's on-ground report from Kolkata during this election season proves that point. A host of women-centric schemes by the BJP government have made women in rural and semi-urban areas quite independent. More women are now registering as voters , and according to one research report from the State Bank of India, the 2029 national election will see more women voters than men. So, it's time for campaigns to focus on women now, as political parties see huge returns from them. The numbers make that clear too, Romita writes.
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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:
Can India keep up with the ebbs and flows of power demand?

Heatwave cooks car sales in May, footfall stalls in car showrooms

Our daily bread’s getting hot. Can imports help?

The curious case of Disney’s 30% stake in Tata Play

Why political parties are breaking the bank to win over women voters
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Markets raise a vote of confidence
28 mei· 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 Tuesday, May 28, 2024. My name is Nelson John. Let's get started:
Indian benchmark equity indices touched their all-time highs intraday trading on Monday only to end the session on a muted note. The Sensex touched a new high of 76,009 points before climbing down and closing 0.03 per cent below its previous close. Similarly, the Nifty touched an all-time high of 23,110 points, only to close 0.11 per cent below its previous close.
As the Lok Sabha election reaches its final stretch, with the last phase of polling scheduled for this Saturday, Mint’s Plain Facts series on the government’s schemes brings an overview of the PM Awas Yojana (Gramin) - a rural housing scheme. Originally evolving from the Congress-era Indira Awaas Yojana, PMAY-G has targeted 60% of its homes for SC/ST families, managing to reach about 11.4 million households. Launched in 2016, the scheme covers roughly 22% of India's rural SC/ST population, according to the 2011 Socio-Economic Caste Census. One standout feature of PMAY-G is the substantial ownership by women, who individually or jointly own nearly 72% of the houses constructed under the scheme—a stark contrast to the national rate of 43%. However, despite these impressive numbers, the implementation of PMAY-G has been uneven. Most houses were constructed in a concentrated period from 2019 to 2021, with recent years showing a slowdown. Moreover, the financial model supporting PMAY-G involves substantial central funding and a significant reliance on unskilled labour from the rural job guarantee scheme. Click on the link in the show notes to see the charts and interactive maps prepared by Mint’s data team and senior editor Nandita Venkatesan.
Markets too are reacting to the final leg of the Lok Sabha election. Signs of restored investor confidence are emerging in the equity markets. The net value of marketwide options' open position saw a drastic reduction, from ₹4.96 trillion on May 7 to ₹91,149 crore by May 24, reflecting a shift in market sentiment. This decrease is significant as it indicates a wave of short covering. This means investors are unwinding their bets against the market. Mint’s markets correspondent Ram Sahgal spoke to market insiders and mutual fund executives who see this as an expectation of political continuity at the centre.
People for years have been getting intellectual property rights protected for their own innovations. Be it technological innovations or a brand symbol - IP or intellectual property rights cover all of them. However, recently, Bollywood bigwigs Jackie Shroff and Anil Kapoor won legal protections for their iconic phrases "bhidu" and "jhakaas," stirring quite the pot about creative freedom. Essentially, they've set a legal boundary that prevents anyone from using their catchphrases, or even their images and voices, without permission. This move is part of a trend where celebs are locking down their personal brand elements to control how they're used, especially in our digital world. Experts now warn that this aggressive enforcement of personality rights could stifle creative content and legitimate freedom of expression. Mint’s legal correspondent Krishna Yadav spoke to experts who pointed out that if celebrities push too hard on these rights, we might see a serious drop in the variety of creative content online. While there’s no specific law in India for personality rights, the courts recognize them under the right to privacy. And yes, celebs can trademark their names and unique attributes. With more celebrities likely to follow suit, digital content creators are in a tight spot.
India's highway building spree has hit a bit of a speed bump. Over the last decade, we've seen the construction pace shoot up from less than 12 km a day back in 2013-14 to a peak of 37 km per day in 2020-21. But now, it looks like things are slowing down. Last year, the government managed about 34 km per day, and it seems like we'll see even less this year. Estimates suggest highway building might drop to around 31 km per day. So, what's behind this slowdown? There's been some stalling with project cost approvals under the Bharatmala Pariyojana, thanks to the rising prices of raw materials and land. Plus, there's been a snag in the execution of projects awarded under the hybrid annuity model. Mint’s Sumant Banerji explains why the pace of highway construction is seeing a slowdown, in today’s Mint Primer.
India's FMCG sector has been on a roll, especially in the rural areas. After some tough years marked by demonetization, financial crises, and a global pandemic, rural India is finally seeing some sun. The latest figures tell us that for the first time in over a year, rural shoppers are buying more, outpacing their urban peers with a 7.6% jump in demand. This comes after a pretty steady climb from a more modest 5.7% rise in urban areas. Now, what’s really kicked things into gear? Well, it looks like the agriculture sector's getting back on its feet. Plus, the Indian Meteorological Department has predicted a normal monsoon this year. Big names in the FMCG world are not just selling more, but also spreading out into new territories with tailored products that fit the rural wallet and lifestyle. It's about making sure that a shop in a small town gets the same goods as a supermarket in a big city, but maybe in sizes and prices that make more sense for its customers. In cities, though, it's all about going fancy. Premium products are flying off the shelves as urban consumers are willing to shell out a bit more for something special. Mint’s Abhishek Mukherjee takes a deep dive into the world of FMCG companies, riding high on robust fourth 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.
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A few questions for BJP, INDIA alliance
27 mei· 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 Monday, May 27, 2024. My name is Nelson John. Let's get started:
The seventh and final phase of the 2024 general elections will conclude this week. Despite numerous rallies and manifesto releases, the parties' economic plans remain unclear. Puja Mehra raises a critical question to the two main blocs: how will they kick-start India's economic progress? She argues that both parties' plans have glaring loopholes. The prime minister must justify the modest economic progress over the past decade of his party, the Bharatiya Janata Party, while the INDIA coalition must specify the source of their planned economic development. Mehra also poses open-ended questions about corporate tax policies and the relationship between public and private investment. Be sure to read this piece for thought-provoking queries about the country's future, regardless of who comes to power.
While election results are yet to be announced, the central government is already planning for the next term. The Centre aims to significantly scale up its interest-free loans to states to boost capital expenditure. Rhik Kundu reports that this initiative will be part of the full budget, set to be released in July. The government has currently earmarked 75,000 crore rupees for this scheme. To qualify, states must implement several reform-oriented structural changes in sectors such as housing and vehicle scrappage.
Facebook has faced widespread criticism over its content moderation policies, leading it to contract IT giant Cognizant to filter out harmful content. Cognizant directed its staff to manually review reported content to determine its suitability for posting. However, these employees, who have since left the firm, are now suing Cognizant. They allege that the reviews were extreme in nature and high in volume. The 14 plaintiffs claim the work was misrepresented to them and that they now suffer from post-traumatic stress disorder as a result. Varun Sood provides the details of the latest issue facing Cognizant.
Eleven successive quarters of net profit, an EBITDA margin of around 25 percent, and a stock price increase of nearly 200 percent—any chief executive would be delighted with these numbers. But Amur Lakshminarayanan has just one question: what's next? Lakshminarayanan, the MD and CEO of Tata Communications, is now in his fifth year at the helm. The Trichy-born engineer has successfully diversified Tata Communications' revenue streams, including an exciting new venture into live streaming sports events. Right before the pandemic, Tata Communications also began modernizing its operations with artificial intelligence—a move that has paid off dividends. Arun Janardhan profiles Lakshminarayanan in this "Business of Life" piece for Mint Lounge.
There are necessities, and then there are luxuries. Common Indian wisdom says it's always a good idea to buy a house. But what if you aim for a luxurious one? Generally, no financial advisor would recommend overextending yourself to buy a house beyond your means. However, Shah Rukh Khan differs in philosophy, suggesting that buying a more expensive house will motivate you to work harder to achieve it. Vivek Kaul, in his trademark writing style, explores this concept—examining whether it makes financial and common sense to follow this model. He provides answers through a narrative involving a young couple and their family's desires, making for an informative yet entertaining read.
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:
Questions on India's economy that Modi and Gandhi should answer
Centre's interest-free loans to states could be scaled up in the full budget
Ex-Cognizant staff sue over mental health harm from Facebook work
Amur Lakshminarayanan: The communicator
Why SRK’s home-buying guide doesn’t apply to everyone
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Markets reach new record highs
24 mei· 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, May 24, 2024. My name is Nelson John. Let's get started:
India’s stock markets had a great Thursday, with the Nifty and Sensex benchmarks each rising more than 1.6% to close at record highs. As a result, India's stock markets are now valued at over 5 trillion dollars, writes Dipti Sharma. Banking stocks, which have largely underperformed this year, also saw significant gains. Additionally, investor sentiment was boosted by the Prime Minister's projection that the stock markets would hit record highs on 4 June if the BJP returns to power with a comfortable majority.
Zomato, on the other hand, rose just about a per cent yesterday. However, its share price has surged over 50 per cent since the beginning of the year. The food delivery company distinguishes itself from its startup peers as a consistently profitable and innovative entity. However, Zomato wasn't always this way—it spent its first four years burning through investor money. TN Hari, a senior executive with multiple growth-stage startups, chronicles Zomato's journey from a struggling startup to an investor darling.
Paytm, another startup, which listed around the same time as Zomato, has faced a contrasting fate. Yesterday, Paytm's shares dropped nearly 3 per cent, bringing its total decline in 2024 to over 44 per cent. When the Reserve Bank of India cancelled its banking licence, Paytm's share price cracked. That has had an impact on its employees as well, who have flooded the job market with their resumes. Shayan Ghosh and Devina Sengupta report about the fintech's challenges. While Paytm hasn't resorted to any layoffs, yet, employees are concerned about potential cuts and career stagnation. If you're hiring, expect to see resumes from Paytm employees soon.
Every year, India adds to its electric power generation capacity, a necessity given the record highs in electricity consumption we hit annually. With summer officially here, the demand for electronic items to keep cool has surged. However, June might bring with it a power crisis. As N. Madhavan writes, the power deficit in June is expected to be the highest in 14 years. Night-time demand is projected to reach 235 gigawatts, while supply lags at only 221 gigawatts. In response, the government has reopened old coal plants and plans to open new ones to meet this demand. Despite these efforts, power cuts are likely this year.
These days, it seems only brands text me on WhatsApp. The app, once a cheap way to communicate with friends and family, has become a platform for endless coupons and shopping offers. This shift began a few years ago when Meta, WhatsApp's parent company, integrated commercial features into the messaging app. According to our reporter Gulveen Aulakh, this trend will only become more widespread. Gulveen spoke with Sandhya Devanathan, the head of Meta India, who said that conversational commerce is set to be a priority for Meta. Users will be able to chat with bots and shop for goods directly. Meta is targeting the 350 million Indians who have already used UPI for payments, believing they will be more receptive to online shopping on WhatsApp.
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.
RBI largesse catapults market to fresh high
Profits delivered: What Zomato’s sizzling results teach investors, VCs
Paytm, its payments bank employees seek greener pastures
Power crisis: Are we in for another sizzling summer?
Chat-based e-commerce key priority for WhatsApp: Meta India head
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GenZ vs Millenials: Workplace wars
23 mei· 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 Thursday, May 23, 2024. My name is Nelson John. Let's get started.
Indian benchmark equity indices closed higher on Wednesday, driven by positive cues from global markets and strong Q4 earnings reports from major companies. The Sensex climbed 267 points, closing 0.36% higher than the previous session. The Nifty remained relatively flat, gaining a modest 22 points.
For decades, the Indian Institutes of Technology (IITs) have been a beacon of hope for millions of Indians aspiring to build a stable and strong career. However, this year, IITians are struggling to get placed. The anxiety at IITs is palpable, with hundreds of students from the 2024 batch still jobless even after the second round of placements. The traditional powerhouse of engineering talent is now casting a wider net, reaching out to startups, alumni, and exploring new industry segments to secure opportunities for its students. In particular, IIT Bombay reports that out of 1,973 students registered for placements, 1,387 have secured jobs in the first and second phases. Yet, 300 to 400 students are still searching for employment. To address this, the placement teams are proactively contacting previous recruiters and broadening their search to include companies offering lower starting salaries than before. The challenge is more acute this year due to several large IT firms scaling back campus hires, a direct consequence of the economic downturn which has tightened budgets and led to job cuts across sectors. The newer IITs are feeling the pinch as well, navigating their placement season with cautious optimism. Mint’s careers correspondent Devina Sengupta, along with Pratishtha Bagai, report on a challenging placement season at the IITs.
Amid a severe heatwave and unpredictable weather patterns, India is grappling with a rise in health issues such as heatstrokes and vector-borne diseases like dengue. In response, the health ministry has introduced an initiative that feels more necessary now than ever: including climate change in the medical curriculum. Medical students could soon be learning about climate change and its effects. The proposed course aims to prepare future medical professionals to better understand and tackle health challenges directly linked to climate fluctuations. Given the complexity of diagnosing conditions like heatstroke and managing emerging diseases like monkeypox, which are exacerbated by climate shifts, this educational update seems timely. Mint’s health and pharma correspondent, Somitra Ghosh, reports on the proposed inclusion, which could help our healthcare professionals deal with climate change more efficiently.
The Indian state has been in existence for close to 77 years, yet a basic necessity like clean water for all remains a challenge. The Jal Jeevan Mission, launched by Prime Minister Narendra Modi on August 15, 2019, aims to provide safe and adequate drinking water through individual household tap connections to all rural households by 2024. While it has made significant strides, achieving 76.6% coverage of the estimated 193 million rural households, it still faces the challenge of ensuring these facilities are fully functional and sustainable.The initiative has seen substantial uptake, with 11 states and Union territories reaching 100% coverage. However, states like West Bengal and Rajasthan lag, with less than half of rural households connected. The discrepancy often stems from variations in local implementation and reliance on state-level schemes. In the second instalment of a new Plain Facts series by Mint’s data team, Shuja Asrar and Payal Bhattacharya examine the progress the Jal Jeevan Mission has made in rural parts of the country.
Click on the link in the show notes to see the charts and interactive maps prepared by Shuja, Payal, and the data team.
Indian carmakers are pushing back against new fuel efficiency standards proposed by the Bureau of Energy Efficiency (BEE). The BEE aims to align with Europe's stringent vehicle emission norms, targeting carbon emissions of about 70 grams per kilometre by 2030. Automakers argue that this target is too ambitious, given that gas-powered vehicles will likely remain dominant for the next decade despite ongoing electrification efforts. The BEE, advised by the U.S.-based International Council on Clean Transportation, is advocating for these strict standards to enhance carbon reduction efforts and accelerate the shift to electric vehicles. This would involve hefty penalties for carmakers that fail to comply. Mint’s auto correspondent, Alisha Sachdev, spoke to industry insiders who warn that such stringent rules could drastically impact sales and jobs, as EV technology in India isn't as advanced as in Europe, and the charging infrastructure is still underdeveloped.
Navigating generational differences at work has always been a challenge, but the gap seems to be widening. Today, companies are increasingly cautious about how they handle younger employees, especially those belonging to Generation Z, born between 1997 and 2012. These younger workers often bring a different perspective to the work environment, leading to tensions with older managers. The generational shift reflects broader changes in workplace dynamics. Companies are finding that traditional approaches may not resonate with younger workers, who value flexibility and personal well-being over conventional workplace rewards. The challenges extend beyond daily operations to strategic considerations. Many young professionals joined the workforce during the pandemic, missing out on traditional office bonding, and thus have a different view of workplace expectations. This shift has prompted some firms to link office attendance with appraisals to encourage a return to office settings.
Moreover, younger workers are not shy about voicing their needs or moving on if those needs are unmet. For instance, they might prioritize sufficient holiday time over salary increases, reflecting a shift towards valuing experiences over material gains. Mint’s Devina Sengupta takes a deep dive into the challenges and struggles associated with this generational divide in workplaces.
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.
IITs scramble in last leg of placements, hundreds left to be placed
India plans a new breed of warriors to battle extreme climate impact: Doctors
Much of rural India now has taps, but running water largely remains a pipe dream
Indian automakers resist Europe-like fuel efficiency standards
Why senior managers walk on eggshells around Gen Z at the workplace
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Flipkart’s quick-commerce FOMO
22 mei· 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 Wednesday, May 22, 2024. My name is Nelson John. Let's get started.
Indian benchmark indices climbed off the day's high to close on a mixed note on Tuesday. Sensex fell marginally by 52 points to end the day 0.07 percent below its previous close while Nifty rose 27 points to close 0.12 per cent higher.
India's IPO market is heating up and could be on track to set a new record in FY25. The apparent surge in enthusiasm seems to defy the usual election-season jitters. Just two months into the financial year, new share offerings valued at more than Rs 50,000 crore are already in the pipeline. This figure is fast approaching the nearly Rs 62,000 crore that 76 companies raised through mainboard IPOs in FY24. Well-known companies such as Ola Electric Mobility, Swiggy, and NSDL are among those that have filed for IPOs with the Securities and Exchange Board of India, and with heavy hitters like Tata Capital and Hexaware Technologies also expected to join the fray, the buzz is undeniable. Mint’s Dipti Sharma and Ranjani Raghavan spoke to market experts who are particularly bullish on the IPO scene. They predict the number and size of IPOs in FY25 could double those of the previous year. Munish Aggarwal of Equirus echoed this optimism and suggested that barring any major volatility, issuances could top ₹1.5 trillion this year—a milestone previously achieved only in FY22. The growing IPO market isn't just about raising more funds; it's a testament to the maturing of India's primary markets.
The expanding real estate market has seen a distinct shift in dynamics that has particularly affected the availability and sales of affordable housing. Over the past five years, there's been a noticeable decline in the sale of homes priced ₹40 lakh or less in top Indian cities, even as the overall property sector has seen a recovery. The share of affordable housing in total home sales dropped dramatically from 38% in 2019 to just 19% by 2023, with a slight increase to 20% in early 2024. This trend is mirrored in the supply of new budget housing projects, which plummeted from 40% to 18% over the same period. Conversely, the luxury housing segment has thrived during this period. Benefiting from the real estate upcycle post-pandemic, luxury homes have seen an increase in both supply and sales. So, is there a way the affordable housing market could see a recovery? In which cities is this trend most visible? And has the government decided to step in? Mint’s Madhurima Nandy tackles these questions in today’s Mint Primer.
Just days after the world’s largest sovereign wealth fund, Norway’s Norges Bank, blacklisted its ports business, Gautam Adani's conglomerate is setting up a $3 billion fund to enhance its global ports capacity significantly. The Adani Group aims to create a strong presence in the crucial international trade corridor linking India with Europe through Central and West Asia, two company insiders told Mint’s senior editor Anirudh Laskar. The move is part of a strategic push to capitalise on the increasing export demands for commodities such as iron-ore and coal from India.
The plan includes a substantial 25-30% increase in international port capacity over the next two years, primarily through acquisitions. The expansion will see Adani's current container-handling capacity increase from about 600 million metric tons a year to 800 million.
Have you ever wondered how India’s polling stations have evolved since Independence? In the latest instalment of Mint’s election data series, Nandita Venkatesan looks at the math around India’s polling stations. As India’s population has grown, the number of polling stations has skyrocketed from just over 200,000 in the 1960s to one million in the 2019 Lok Sabha elections. The average number of voters per station has declined, however, from more than 1,000 per booth in the 1960s to 879 in 2019, thanks to efforts to make voting less of a hassle. But here’s where it gets interesting — not all polling stations are under the same pressure. In 2019, places in Kerala, Bihar and Rajasthan recorded the highest number of voters per station, while those in northeastern states such as Manipur, Mizoram, and Arunachal Pradesh had among the fewest voters each. Click the link in the show notes to read the full story, illustrated with charts and an interactive map prepared by Nandita and her team.
E-commerce major Flipkart is feeling the heat from quick-commerce companies such as Blinkit, Swiggy Instamart, and Zepto. Having started by delivering groceries, these platforms now offer everything from electronics to personal care items, encroaching on Flipkart’s turf. They’ve mastered the art of ultra-fast delivery, delivering products in 15-20 minutes from dark stores and reshaping consumer expectations in the process. The rise of quick commerce has been nothing short of explosive. Their gross merchandise value (GMV) jumped from just $0.1 billion in 2020 to $2.8 billion by 2023. The business taps the increasing need for instant gratification — a trend that Flipkart has previously tried to capture, albeit with little success.
Owned by Walmart, Flipkart pioneered online shopping in India but has stumbled in the quick-commerce race. Initiatives such as Flipkart Nearby and Flipkart Quick were bogged down by logistical snags and inventory issues that made speedy delivery impossible. Now, it seems Flipkart is gearing up for another shot at quick commerce, fearing it could lose more ground to these nimble competitors. Mint’s startup correspondent Samikdha Goel examines the company’s quick-commerce FOMO 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 feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.
Show notes:
IPO rush sets up India’s equity market for another record year
Mint Primer: Budget homes are in coma. Can they be revived?
Adani group plans to invest $3 billion to boost international ports business
How many polling stations does it take to conduct India's elections?
Flipkart has FOMO? Zepto and Blinkit are changing the e-commerce giant
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RBI’s ‘no carrot, all stick’ approach
21 mei· 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 Tuesday, May 21, 2024. My name is Nelson John. Let's get started.
No stock market updates from us today as the markets remained shut on Monday as Mumbai went to the polls.
Yesterday, Iran's interior minister confirmed that the country's leader, Ebrahim Raisi, had died in a helicopter crash that also killed the country’s foreign minister. We invited Elizabeth Roche, an associate professor at Jindal University, to write about the implications of this tragedy. Roche also answers what's next for Iran, and how this will affect India, the Middle East, and the West.
A couple of weeks ago, a research paper by Banaras Hindu University sparked widespread worries among Indians. The paper said a significant number of people faced adverse side-effects after taking Covaxin, the indigenously developed covid vaccine. Bharat Biotech, which developed the vaccine, brushed off the concerns, pointing to other studies that proved the vaccine's safety record. Now, the government is stepping in to dismiss any concerns: the Indian Council of Medical Sciences said that BHU's study was poorly designed, and had no control group of unvaccinated individuals to compare with. Priyanka Sharma writes that the participants were contacted by telephone, and no physical examination was conducted. This ought to put Covaxin users at ease.
The Reserve Bank of India has reprimanded a host of financial entities lately, from Paytm to Kotak Mahindra Bank and Bank of Baroda. Under governor Shaktikanta Das, the banking regulator is doing its best to whip every lender into shape. Prior to Das, Raghuram Rajan was at the helm. His goal was cleaning up banks' balance sheets, while Das wants to ensure better governance. But as Shayan Ghosh writes, the way the RBI has been going about this is interesting: it is now not afraid of taking big decisions. Earlier, the central bank relied on fines and warnings. Today, it is cancelling banking licences and preventing companies from taking on new customers — essentially hurting the core of their business. Shayan takes a deep dive into the RBI's practices, and why it's resorting to such measures to protect citizens.
If you go to buy an electric vehicle, you'll realise that one big advantage EVs have over their fossil fuel-counterparts is that they don't carry any road tax. For example, in Karnataka, the road tax for petrol cars can be up to 17 percent of the car's price. This is an incentive from the government for companies and buyers to go green. But you don't have to electrify yourself fully to get discounts from the government. Take for example, ethanol-powered cars. Alisha Sachdev reports that union road minister Nitin Gadkari expressed interest in lowering the taxes on ethanol and ethanol-blend cars from anywhere between 2 and 14 percent. This would significantly lower the cost of cars that use either pure ethanol or a blend of ethanol and petrol, called flex-fuel cars. While flex-fuel cars aren't yet produced in India, Gadkari claims they pollute even less than EVs. In the battle between electric and petrol, ethanol seems to have gained the political upper hand.
It's a good time to be a premium D2C company. Brands such as bespoke apparel maker Bombay Shirt Company, luggage maker Mokobara, and organic dairy startup Akshay Kalpa have raised funds from some of India's largest venture capital firms in the recent past. Sowmya Ramasubramanian speaks to investors who are bullish on this segment, as they see an increasing number of people willing to pay premium prices. Convenience plays a role, too. Sowmya writes that these products are more likely to be available on quick commerce apps than legacy brands. She also writes about the reality of affluent consumers, and how big an audience such brands can actually target.
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:
India’s ties with Iran: What after Ebrahim Raisi?
Govt rejects Indian study about Covaxin side-effects
In EV vs hybrid battle, flex fuel vehicles win political favour
No carrot, only stick: Why the RBI has gone beyond moral suasion and fines

VCs chase a pot of gold as India's growing affluent class goes premium
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Bye-ju’s: Key advisors quit Byju’s
20 mei· 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 Monday, May 20, 2024. My name is Nelson John. Let's get started:
What used to be the poster child of Indian startups and had a presence everywhere, from the FIFA World Cup to the Indian Cricket Team’s jersey - Byju’s - has witnessed a fall from grace over the last two years. The company, which was once a unicorn saw a 95% nosedive in its value. The Bengaluru-based company’s woes do not seem to end. Rajnish Kumar and T.V. Mohandas Pai, advisors on the panel of Byju’s parent company Think & Learn, have decided not to extend their tenure beyond June 30. This adds to the challenges faced by the company, as it navigates board exits, financial troubles, and increasing litigation. Both advisors have chosen to leave due to the company's ongoing legal entanglements, report Mint’s senior editors Gopika Gopakumar and Varun Sood. The advisory panel, established in July last year following notable resignations from the board due to governance concerns, was part of a strategy to address these corporate governance issues. Unfortunately, Byju's continued to face operational challenges, including the inability to secure additional funding, leading to layoffs and delayed salaries.
In the past three years up to March 2023, a staggering revelation came from India's food safety authorities: out of 43 million food samples tested, a quarter did not meet domestic food safety laws. Alarmingly, one in six of these were found to be either 'unsafe' or 'substandard,' while the remainder failed to adhere to labelling laws, often misleading consumers with incorrect information. While India’s food safety regulator, the Food Safety and Standards Authority of India or FSSAI, did initiate litigation against these outliers, what they forgot to do was inform the citizens about them. Fssai and state agencies have not sufficiently informed the public about the specific manufacturers or brands involved, leaving consumers uninformed about potentially harmful products. The lack of transparency is evident in Fssai’s 2021-22 annual report, which notably omits any mention of product recalls or license cancellations — standard practices in many other countries to protect consumers. Mint’s Sayantan Bera and Suneera Tandon spoke to FSSAI insiders to understand why the central government agency has failed to crack the whip on companies selling substandard products, amidst global scrutiny of Indian packaged food brands. Sayantan and Suneera also break down the challenges being faced by the FSSAI including a lack of testing labs.
The Financial Services Institutions Bureau, an autonomous body under the central government, is set to conduct interviews on May 21 to recommend a candidate for the chairman's post of the country's largest bank - the State Bank of India. This decision will be finalised on the same day, replacing the incumbent Dinesh Kumar Khara who is slated to retire on August 28.
The candidates in consideration for the chairman's position are State Bank of India’s (SBI) three managing directors—C.S. Setty, Ashwini Kumar Tewari, and Vinay M. Tonse. Mint’s banking editor Gopika Gopakumar reports on the closely monitored selection process. C.S. Setty, the most senior among the candidates, has a background in managing the bank's stressed assets and comprehensive experience across various banking verticals. Ashwini Kumar Tewari brings a strong international and corporate banking portfolio, having managed SBI's operations in the U.S. and as the former CEO of SBI Card. Vinay M. Tonse, who oversees retail banking, has a deep understanding of the domestic market and a record of effective team-building.
Last year, online gaming companies in India were hit with a significant tax demand totaling over ₹1.12 trillion from their past revenues, leading to a legal challenge currently pending in the Supreme Court. The GST Council, the central body overseeing indirect taxation, is set to deliberate on this issue, considering the industry's plea for relief from these substantial tax claims. Previously, the tax regime for online gaming was ambiguous, with companies paying an 18% GST on platform fees or commissions, which range from 5% to 20% of the deposits. However, a dramatic shift occurred on October 1, 2023, when the GST Council imposed a 28% tax on the full face value of deposits, retroactively applying this rate to past earnings. Mint’s Gireesh Chandra Prasad reports that the central and state GST officials are currently reviewing the grievances expressed by the industry regarding the notices for the period leading up to October 2023.
As the summer holiday season kicks off, the limitations of the Indian passport become glaringly apparent. According to the Henley Passport Index, out of 227 possible destinations, Indians can enter 31 countries without a visa and get a visa-on-arrival in 30 countries. This totals visa-free access to just 61 countries, leaving the vast majority requiring a visa obtained through traditional, more cumbersome means. Compare that with Brazil, where folks enjoy visa-free access to a whopping 173 countries. Even Russia, despite facing international sanctions, can access 120 countries relatively freely. It’s a bit of an eye-opener, especially considering India’s status as one of the world’s fastest-growing economies. Visa-free access isn't just about economics, writes independent journalist Deepa Vasudevan. It's also influenced by a mix of factors like geography and reciprocal agreements. Take the European Union or the Asean bloc, for instance, where members enjoy hopping across each other's borders without much fuss.
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Show notes:
Byju’s woes worsen: Rajnish Kumar, Mohandas Pai to step down from advisory panel
In a pickle: Why it’s time for Fssai to wake up and crack the whip
At India's biggest bank, a new chairman to be anointed this week
GST Council to hear gaming firms' plea on past tax demands
Mint Primer: Beam me up, Scotty... into the boardroom
- Luisteren Nogmaals beluisteren Doorgaan Wordt afgespeeld...
- Later beluisteren Later beluisteren
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