businessline's State of the Economy Podcast

In this episode of the State of the Economy podcast, businessline’s Subramani Ra Mancombu speaks with Mayur Karmarkar, Managing Director of the International Copper Association, about the future of copper in India’s economy. 

While copper prices globally are experiencing a bearish phase, India’s domestic demand is on an upward trajectory, driven by construction, infrastructure, and industrial growth. Karmarkar explains that India saw over 1.8 million tonnes of copper usage in the last fiscal year—an 8% increase—and anticipates a similar trend this year. The driving force? Rising capital formation in both private and public sectors, growing ele...

In this episode of the State of Economy Podcast, businessline's  Dalip Singh speaks with Ashok Atluri, CMD of Zen Technologies, a pioneer in India’s simulation and counter-drone defence ecosystem. 

The conversation dives into Operation Sindhoor, where Zen’s counter-drone systems played a vital role in India’s air defence against threats from Pakistan. From autonomous drone warfare and indigenous defence tech development to post-quantum threats and India's strategic push for defence self-reliance, this episode explores the cutting edge of modern military technology. 

They discuss the evolving global perception of Indian defence manufacturing. Once mocked as a majo...

In this episode of the State of Economy Podcast, businessline's  Subramani Ra Mancombu speaks with Chirag Jain, Partner and Food Processing Industry Leader, Grant Thornton Bharat. As India steps into the 2025–26 agricultural year, the forecast of an above-normal southwest monsoon brings cautious optimism. 

Jain outlines the opportunities and challenges facing the sector — from record production in key crops like wheat, rice, and maize to shifting cultivation trends driven by rising demand for pulses, oilseeds, and maize due to both consumption patterns and industrial use, including ethanol.  

The episode discusses how government schemes, technological integration, and targeted...

In this episode of the State of the Economy podcast, businessline’s  Abhishek Law talks to Adarsh Narahari, Founder & Managing Director, Primus Senior Living, about India’s evolving real estate landscape with a focus on senior living.  

Narahari explains how senior living is often misunderstood, thanks to outdated stereotypes. Far from being just real estate, Primus focuses on improving “health span” over “life span,” drawing inspiration from global longevity models like Blue Zones.  

Narahari shares market insights, citing research from CII, PwC, and JLL that estimates a growing demand — from 4 lakh to potentially 40 lakh...

In this episode of the State of Economy Podcast, businessline’s Shishir Sinha speaks with  Aditi Nayar, Chief Economist at ICRA, to decode recent high-frequency economic indicators and what they mean for India’s economic trajectory. 

The episode begins with a look at the PMI manufacturing data hitting a three-month low and whether it signals any real slowdown. Nayar provides a nuanced view on the surge in GST collections, linking it to high crude oil imports and steady domestic demand.  

The episode also explores urban versus rural consumption patterns, the impact of softer inflation and expected...

In this episode of the State of Economy Podcast, businessline's  Amiti Sen speaks with Professor Abhijit Das, International trade expert and former head of centre for WTO Studies about the implications of the recently signed India-UK Free Trade Agreement (FTA).  

The discussion explores key highlights of the deal, including tariff reductions on whisky, greater market access for Indian textile and leather exports, and provisions aimed at easing the movement of professionals. Das notes that while the FTA signals political cooperation and commitment to rules-based trade, its actual impact remains uncertain until the legal text is fully disclosed. 

In this episode of the State of Economy Podcast, businessline's  Subramani Ra Mancombu speaks with Ricky Vasandani, CEO and co-founder, Solitario Diamonds, to understand the factors fueling this surge — from affordability and innovation to growing consumer awareness. We dive into the dynamic world of lab-grown diamonds, a sector experiencing rapid growth and transformation in India. 

The conversation touches on key developments, including the Indian government's incentives, the influence of Prime Minister Narendra Modi’s high-profile gift of a lab-grown diamond, and the implications of natural diamond giant DBRS exiting the lab-grown market.  

Vasandani explains why lab-grow...

In this episode of the State of Economy Podcast, businessline’s Subramani Ra Mancombu talks to Sanjiv Kanwar, Managing Director, Yara South Asia, about the state of India’s crop input industry amidst climatic challenges and growing sustainability trends. The sector experienced a difficult phase from late 2022 to mid-2024 due to prolonged drought and weak monsoons, which severely affected farmer demand for fertilizers and other inputs. However, with the onset of a normal monsoon in July 2024, the situation improved significantly, especially during the rabi season. 

Kanwar emphasises the increasing resilience and adaptability of Indian farmers, who are shift...

In this episode of  State of the Economy podcast, Businesslines’s Sanjana B speaks with Siddesh Naik, Country Leader, Data & AI Software, IBM India & South Asia and Rajesh Ganesan , CEO, ManageEngine to unpack how AI is transforming Indian industries. 

 From banking and healthcare to IT operations, AI is moving from pilot projects to full-scale deployment. The discussion covers AIOps, intelligent automation, and the rise of agentic AI—digital agents that make autonomous decisions. With a focus on enterprise readiness, governance, and real-world use cases, this episode offers key insights for businesses aiming to harness AI's true potential. 

In this episode of The State of the Economy podcast by BusinessLine,  Abhishek Law speaks with Bamasish Paul, Co-founder, Managing Partner and CEO of Ethonhurst Capital Partners discussing the evolving landscape of India’s real estate sector.  

The episode begins with Paul unpacking the nuances of Mumbai's ₹3 lakh crore redevelopment market, explaining how older cooperative housing societies are being transformed into premium high-rises with modern amenities—without upfront land acquisition. It's a capital-efficient strategy that offers lower risk, staggered investment, and significant returns for investors. 

From society redevelopment models to the impact of regulatory frameworks and FSI (F...

In this episode of BusinessLine’s State of the Economy Podcast, host Ronendra Singh is joined by Som Kapoor, Partner and Leader for Future of Mobility and Retail at EY India, for a conversation on how India’s mobility sector is rapidly evolving.

Som begins with a bold statement: “Mobility in India, all over the world according to me, will change more in the next 5 years than it’s changed in the last 50.” He unpacks the trends behind this shift—from the rise of alternative fuels and electrification to the way people are rethinking car ownershi...

In this episode of the State of the Economy Podcast, host Sanjana B is joined by a distinguished panel of industry leaders—Ajay Prabhu, President, Technology Services, Quest Global; Mamatha Madireddy, Managing Director and Head of HSBC India Global Service Centres & Chairperson, Nasscom GCC Council; Jitender Mohan, Business Unit Head, Travel & Hospitality, WNS; and Srikanth Srinivasan, Vice President and Head of Membership & Outreach, Nasscom—for an insightful deep dive into India’s evolving IT sector.

Together, they explore the shifting landscape of Global Capability Centres (GCCs), the transformational impact of AI on Business Process Manage...

In this episode of the State of Economy Podcast, businessline's  Subramani Ra Mancombu speaks with NS Ramaswamy, Head - Commodity desk & CRM, Ventura Securities offers his insights into gold's performance, noting a 35% return over the past 15 months and forecasting a minor short-term correction before a continued bullish trend. 

The podcast highlights how geopolitical tensions and concerns about the global economy have driven precious metals like gold and silver to new highs. Ramaswamy explains that medium to long-term factors, such as a potential economic slowdown and anticipated interest rate cuts, support his optimistic outlook for gold. 

The...

In this episode of State of Economy podcast, Shishir Sinha speaks with DK Srivastava, Chief Policy Advisor at EY India, on the latest high-frequency economic indicators and their implications for India’s growth. They dive into the recently released GST collection numbers, which reveal a seasonal pattern of spikes, especially driven by rural demand. As Srivastava explains, “Subject to some adjustment or the seasonality pattern, consumption expenditure appears to be picking up on average and is being driven largely by rural demand.” He emphasizes that while consumption shows signs of recovery, it’s essential to consider the seasonal fluctuations when int...

In this State of the Economy podcast, Aishwarya Kumar discusses the rapid rise of contract manufacturing in India and its connection to global trade shifts, particularly US tariffs. Amrit Acharya, co-founder, Zetwerk, and Nikhil Rao, VP - Operations, Flex India share their insights on the evolving landscape.

Amrit highlights that the growth of contract manufacturing in India has been fuelled by a combination of favorable macroeconomic conditions and the government’s GST reforms. He emphasises the shift in global manufacturing patterns, with India emerging as a key alternative to traditional hubs. The domestic market’s siz...

In this episode of the State of the Economy podcast, businessline's Subramani Ra Mancombu talks to Srideep N Kesavan, CEO of Heritage Foods Ltd. talk about the dairy sector in India, a key industry that is vital to the rural economy but faces several challenges. India is the world’s largest milk producer, generating nearly 240 million tons of milk annually.

The country is home to over 60 million cows—three times more than Europe—but despite its scale, the dairy sector remains fragmented, unorganized, and lacking technological advancements. 

Kesavan discusses the slow...

In this episode of the State of the Economy podcast, MRS talks to Haresh Karamchandani, MD and CEO of HyFun, about the impressive rise of India as the second-largest producer of potatoes in the world, having surpassed expectations with 60 million tonnes of potatoes produced, despite some weather-related challenges earlier in the planting season. 

The podcast delves into India’s emergence as a key exporter of frozen potato products such as French fries, hash browns, and chips, an industry that has grown significantly since 2007. As the demand for processed potato products increases both domestically and internationally, Karamchandani shares ins...

In this episode of the State of the Economy podcast, businessline’s Subramani Ra Mancombu talks to Kishore Narne, ED, Motilal Oswal Financial Services Ltd, about the performance and outlook of gold and silver in the global market. 

The podcast begins by highlighting the strong performance of gold, which has gained over 10% since the start of the year, and 40% over the past year. Narne explains the factors behind this surge, including geopolitical tensions, global economic uncertainties, and rising demand for safe-haven assets. Despite the strong rally, he suggests that while gold’s upside potential is uncertain, it might...

In this episode of the State of Economy Podcast, businessline’s  Shishir Kumar Sinha speaks with Ajit Banerjee, President and Chief Investment Officer, Shriram Life Insurance, sharing his views on the latest economic figures and the broader implications for India’s economic growth trajectory. 

The episode starts with Banerjee discussing the latest GDP growth numbers for Q3, which show a 6.2 per cent growth, a slight improvement over Q2, but still below last year’s figures. They explore the impact of base effects, the government’s capital expenditure (CapEx) strategy, and its balancing act between maintaining growth and fiscal disc...

In this episode of the State of Economy Podcast, businessline's Subramani Ra Mancombu speaks with Colin Shah, Managing Director of Kama Jewlery, to discuss the prospects for gold in the coming year. In this episode, we focus on one of the most important commodities in the world—gold. With fluctuating prices and uncertainty surrounding global economic policies, what does the future hold for gold in 2025? 

After an impressive run, with gold surging to nearly $3,000 an ounce, we now face a period of price volatility. What impact will the changing political landscape, especially U.S. tariffs and President Trum...

In this episode of the State of Economy Podcast, businessline's Subramani Ra Mancombu speaks with Praveen Jaipuriar, CEO of CCL Products India Limited, as they discuss the recent surge in coffee prices, which have increased by over 30% since the start of 2025. The conversation highlights the factors driving this price rise, including climatic challenges in major coffee-producing countries like Brazil and Vietnam, which together account for 60% of the global supply. 

Jaipuriar explains that the coffee market has been facing persistent inflationary trends due to crop shortages and the ongoing impact of climate change, which has caused a disruption in...

In this episode of the State of Economy Podcast, businessline's Abhishek Law speaks with Anshul Singhal, Managing Director of Welspun One, an integrated fund and development management platform pioneering India's first warehousing-focused alternative investment fund.  

The podcast begins with discussing about India's rapidly expanding warehousing market. Singhal provides a comprehensive overview of the market, highlighting the impressive 15-19% CAGR in demand, and suggests that the real numbers, especially in Tier 2, 3, and 4 cities, could be closer to a staggering 25%.  

He discusses the projected growth of the real estate sector, from $300 billion to a trillion by 2030, and how w...

In this episode of the State of Economy Podcast, businessline's Shishir Sinha speaks with Sandeep Jhunjhunwala, M&A Partner, Nangia Andersen LLP and Anil Talreja, Partner, Deloitte . They talk about the newly introduced Income Tax Bill of 2025, a key piece of legislation that promises to reshape India's tax landscape. 

The experts explore critical aspects of the bill, including its primary objective of simplifying the Income Tax Act and its likely impact on the economy. With provisions aimed at reducing redundant sections and making tax calculations easier, they assess how the bill will influence tax filing and compliance in...

In this episode of the State of Economy Podcast, businessline's  Chitra Narayanan speaks with Shiv Shivakumar, Operating Partner, Advent International and K Ganesh, Founder & Partner Growthstory.in are discussing the impact of quick commerce.  

Ganesh, drawing from his BigBasket experience, explains how quick commerce addresses India's urban challenges, including population density and supply chain issues. He notes the shift in consumer behavior towards convenience, particularly for groceries and niche products, driving the model's growth despite initial skepticism. Shivakumar adds insights from his FMCG background, emphasising technology's role in connecting brands and consumers. 

The conversation goes on ab...

In this episode of the State of the Economy podcast businessline’s Abhishek law is joined by Niranjan Hiranandani, Chairman, NAREDCO, to discuss key challenges in the Indian real estate sector, particularly around affordable housing.  

Hiranandani shares his insights on the current state of affordable housing, which has experienced an unexpected 25% drop in numbers, something he has never seen in his 40+ years of experience. This decline is seen not only in major cities but across the country, creating a shock for both developers and the government. 

The discussion delves into the reasons behind the slump, with...

In this episode of the State of Economy Podcast, businessline's Dalip Singh speaks with Lt Gen Kapil Aggarwal (Retired), a former Director General of Electronics and Mechanical Engineers about the pressing issues in defence funding and reforms. With India's defence budget hovering around 1.9-2% of GDP for FY 2024-25, the conversation tackles whether this allocation is sufficient to meet modernisation needs and the increasing demands of future warfare. 

The podcast highlights the gap between current defence spending and the Standing Committee on Defence’s recommendation of 3% of GDP. General Aggarwal offers insights on the lack of domestic abs...

In this episode of the State of the Economy podcast, businessline’s Subramani Ra Mancombu talks to Anand Ramanathan, Partner and Consumer, Products and Retail sector Leader, Deloitte India, about the agriculture sector's performance and expectations for the upcoming fiscal year.  

With strong growth forecasted at 4-5% compared to the previous year's less than 1.5%, industry experts discuss how favourable weather, improved monsoons, and increased credit availability have bolstered the sector.  

The conversation also covers important topics such as financial inclusion for farmers, the impact of direct benefit transfers, and the push for better infrastructure and market...

In this episode of the State of Economy Podcast, businessline's Rishi Ranjan Kala speaks with Naveenn Khandelwal, CEO of BrightNight India, a leading renewable energy company based in the U.S. with a strong presence across India, Australia, and Bangladesh. Under his leadership, BrightNight has developed a portfolio of over 7 gigawatts of renewable energy capacity and raised over $3 billion for various renewable projects. 

The episode starts with Khandelwal discussing India's role in achieving the goal of 500 gigawatts of non-fossil fuel power by 2030. He highlights the country's growing energy demand, electrification of industries, and adoption of gre...

In this episode of businessline’s State of the Economy podcast, Sanjana B speaks with Debashish Bhattacharyya, Chairman of PanIIT Alumni India, about India’s rise as a global powerhouse in tech talent. 

Bhattacharyya traces the evolution of India’s IT sector, noting, “We are actually poised at almost the leading edge of the technology... our guys, our people are at the forefront, whether sitting in India or whether sitting outside of India.” He discusses how the country’s shift from basic coding to developing cutting-edge technology is contributing not only to global growth but to India’s own economy. ...

In this episode of the State of Economy Podcast, businessline's K R Srivats speaks with Dr. D.K. Srivastava, Chief Policy Advisor at EY India, to discuss the economic challenges currently facing India, with a focus on both macro and microeconomic policies and their effects on the common man.  

 The episode starts with Srivastava explaining the key factors behind the slowdown include insufficient capital expenditure by the government, a contraction in investments, and global economic conditions. The conversation shifts to inflation, income growth, and employment trends, with Srivastava predicting the necessity of maintaining a 6.5% growth rate to keep...

In this episode of businessline’s State of the Economy podcast, Vishwanath Kulkarni sits down with K. Mathew Abraham, President of the United Planters Association of Southern India, and Managing Director & CEO of Kanan Devan Hills Plantations Company (P) Ltd . Together, they explore the current state of India’s plantation sector in 2024, discussing its challenges, opportunities, and what the future holds for this vital industry. 

The year 2024 proved to be a mixed bag for the plantation sector. While commodities like tea, coffee, cardamom, and rubber saw bullish price trends, several external factors created hurdles. Erratic climate patterns, geopo...

In this State of the Economy podcast, businessline’s Prabhudatta Mishra talks to Ashok Kumar Singh, former Director of Indian Agricultural Research Institute, New Delhi, about the unique perspectives on India’s agricultural landscape and the challenges ahead as the nation aims to achieve food grain self-sufficiency by 2047.  

Singh delves into cutting-edge solutions, including climate-resilient crop varieties, biofortified foods, and advancements in smart agriculture technologies like AI, IoT-based irrigation, and precision farming. 

 The podcast also discusses critical topics such as the role of public-private partnerships in driving agricultural innovation, genome editing as a non-GM alternative to enha...

In this episode of BusinessLine’s State of the Economy Podcast, Shishir Sinha speaks to Rashesh Shah, Chairman of Edelweiss Group, to explore the key economic trends shaping India and the global landscape.

The conversation begins with a broad overview of the current economic climate. Shah emphasizes the mixed signals emerging from high-frequency indicators like GST collections and the Purchasing Managers’ Index (PMI). While GST collections show year-on-year growth, month-to-month numbers indicate a slowdown, reflecting consumption trends and seasonality. PMI data, meanwhile, points to sluggishness in manufacturing activity, largely attributed to underwhelming capital expenditure (CapEx).

Shah...

In this State of the Economy year-end podcast on FMCG, businessline's Meenakshi Verma Ambwani speaks to Naveen Malpani, Partner and Consumer Industry Leader at Grant Thornton Bharat, to discuss the sector’s performance in 2024 and its outlook for 2025. FMCG industry is facing key challenges of inflation and urban slowdown. At the same time, green shoots in rural demand and rise in quick commerce channel have emerged as key opportunities for the industry. 

Malpani explains that inflation has been a significant challenge in 2024 and to deal with rising costs, FMCG companies had to increase prices or reduce product siz...

In this episode of the State of Economy Podcast, businessline's Jyothi Datta speaks with Sudharshan Jain, the Secretary General of the Indian Pharmaceutical Alliance (IPA), as they reflect on the achievements and challenges of India's pharmaceutical industry in 2024.  

As the world’s pharmacy, India continues to make a global impact, providing medicines to over 200 countries. Jain outlines key highlights of the year, including the country’s progress toward self-reliance in Active Pharmaceutical Ingredients (APIs) and the success of government initiatives like the Production Linked Incentive (PLI) scheme. 

Jain discusses the critical issues such as the need for...

In this episode of the State of the Economy podcast, S Ronendra Singh talks to Hardeep Singh Brar, senior VP, Marketing & Sales, Kia India , to discuss the outlook for the automobile industry in 2024 and beyond.  

The conversation explores the challenges and opportunities within the sector, including the impact of government investments, layoffs, and the unpredictable weather patterns on the industry's growth. 

Brar reflects on the current year, describing it as average in terms of growth due to a lack of investment and certain market challenges. However, he forecasts a more positive outlook for 2025, with growth expec...

In this episode of the State of the Economy podcast businessline’s Abhishek Law talks to Saurabh Runwal, Director, Runwal Realty, about the evolving real estate landscape of 2024.  

The discussion begins with a focus on residential real estate, highlighting how the sector has experienced remarkable growth post-COVID. Runwal sheds light on the surge in urban demand, particularly in Mumbai and Pune, and explains how genuine end-user interest, rather than speculative bubbles, is driving this trend. He predicts robust double-digit growth in volume, backed by a strong appetite for upgrades in lifestyle and quality living spaces. 

The c...

In this episode of the State of the Economy podcast, Suresh P Iyengar talks to Ravleen Sethi, Director, CareEdge Ratings, about the ever-evolving landscape of the cement sector. The discussion provides a comprehensive analysis of the industry’s performance in FY24 and projections for FY25 and beyond. 

Sethi sheds light on the challenges faced by the cement sector in FY25, including adverse weather conditions, delayed infrastructure projects, and muted government spending. Despite these setbacks, the long-term growth outlook remains promising, with demand expected to align with GDP growth or exceed it in FY26 and FY27. 

The...

In this year-end episode of the State of the Economy podcast on renewable energy, M. Ramesh, Associate Editor, businessline, examines the remarkable milestones achieved by India's renewable energy sector in 2024. From record-breaking additions in solar and wind capacity to the growing prominence of open access markets and hybrid auctions, 2024 has laid the foundation for a greener future. The podcast also covers government policies like the PM Suryagarh Muft Bijli Yojana and the PM E-Drive scheme, while looking ahead to 2025 as India approaches critical renewable energy benchmarks.

In this episode of the State of Economy Podcast, businessline's Rishi Ranjan Kala speaks with Anujesh Dwivedi, Partner at Deloitte India, who brings over two decades of experience in consulting and the power sector. Dwivedi provides an in-depth look at the major achievements of 2024, including India’s record-breaking peak power demand of 250 GW and significant strides in renewable energy. 

 The country has added an impressive 30 gigawatts of new generation capacity, a key step toward reaching the 500 GW of non-fossil fuel-based power target by 2030. Dwivedi also highlights important policy measures, such as the success of the Surya ghar Muft...